The Real Deal Miami

Rhode Island firm buys office building on Palm Beach’s Banker’s Row

The 11,600 sf building traded for nearly $800 psf
October 18, 2017 11:30AM

231 Royal Palm Way. From left: Michael Osiecki, Mark Paterman (Credit: Cushman & Wakefield)

A Rhode Island-based real estate investment company just paid $9.2 million for an office building on Palm Beach’s Banker’s Row, according to the firm that brokered the deal.

The buyer, a subsidiary of Procaccianti Properties, paid about $795 per square foot for the 11,600-square-foot office building at 231 Royal Palm Way. Procaccianti, which owns space at West Palm Beach’s CityPlace Tower, owns and manages more than 60 million square feet of real estate across the country, according to its website.

Miami-based 231 Royal Palm Way LLC, led by Raul Pinto Hernandez, Leticia Quintero Foyo, Axel Pinto Quintero and David Pinto Quintero, sold the building. Records show the group paid $8.9 million for the office building in 2010. The firm is tied to Intelligent Construction, a general contracting and construction management firm in Miami.

Cushman & Wakefield’s Michael Osiecki and Mark Pateman represented the seller. The office building is 67 percent leased to PNC Bank Private Wealth Management, according to a release.

Royal Palm Way is one of country’s most expensive office markets. Last year, rents averaged more than $50 per square foot annually for the stretch of land known as “Banker’s Row,” which is home to a number of major banks and financial institutions.

Last year, New York investment firm EPIC paid $16.75 million for an office building on Banker’s Row. Investor John O’Conner of O’Conner Capital Partners also paid $21 million for two buildings on Royal Palm Way. – Amanda Rabines