Ivy Realty trades boutique Palm Beach offices to NYC investors for $17M

Building is home to tenants like Northern Trust and Deutsche Bank

TRD MIAMI /
May.May 26, 2016 02:15 PM

Investment firm Ivy Realty just made a tidy profit on the $16.75 million sale of a Palm Beach office building it bought out of foreclosure six years ago and renovated.

County records show Ivy, which is based in Greenwich, Connecticut, closed its sale of the offices at 250 Royal Palm Way on Tuesday. The buyer was an affiliate of EPIC, a New York investment firm headed by Steven and Michael Elghanayan.

Built in 1975, 250 Royal Palm Way is three stories tall with 24,000 square feet of office space. It’s occupied by coveted tenants like Northern Trust, a wealth management company that anchors the building, and Deutsche Bank, according to commercial listing website LoopNet.

The building is situated on “Banker’s Row,” a pricey stretch of Palm Beach commercial real estate that makes up one of the country’s most expensive office markets. It’s home to a plethora of major financial institutions who shell out upwards of $50 per square foot annually for the premium locations on Royal Palm Way.

Ivy saw opportunity in the aging building, which was in distress but still boasted a ritzy address. The investment firm swooped in and paid $7 million for the foreclosed building, then put another $3.5 million into redoing the common areas, roof, air-conditioning system elevators and lobby.

Now, EPIC has added it to its repertoire of commercial investments. According to its website, the company’s U.S. portfolio is mostly located in New York, where it owns residential and mixed-use buildings.

The company financed its Royal Palm Way purchase with an $8.375 million from Sun National Bank.


Related Articles

arrow_forward_ios
Victor Ballestas and Eduardo Otaola with a rendering of 1674 Meridian Avenue

Integra Investments, partner buy Miami Beach office building near Lincoln Road

Ivy Realty scores $46M refi for downtown Fort Lauderdale office tower

Pacific Coast Capital Partners JV drops $109M on 1 East Broward

Renderings revealed: Smart Brickell, BCC’s penthouse collection & more

CushWake scores 120K sf office leasing assignment in South Beach

Ivy Realty buys two office buildings off Lincoln Road: $49M

Ivy Realty snaps up five buildings in Miami airport business park: $68M

Ivy Realty buys Fort Lauderdale office complex for $56M

arrow_forward_ios