The Real Deal Miami

Palm Beach investor buys office building on Bankers Row

Crocker Partners sold the boutique building at 400 Royal Palm Way
By Amanda Rabines | March 15, 2018 08:45AM

400 Royal Palm Way and Crocker’s Partners Angelo J. Bianco

Crocker Partners just sold an office building on Palm Beach’s Bankers Row to a local investor for $14.75 million, property records show.

Kinsale Partners LLC, led by Palm Beach investor Thomas C. Quick, paid about $520 per square foot for the four-story, 28,550-square-foot office building at 400 Royal Palm Way.

The tony strip of land along Royal Palm Way is home to a number of major banks and financial institutions. At 400 Royal Palm Way, tenants include the Palm Beach Daily News and the Palm Beach Chamber of Commerce. It’s 65 percent occupied, Quick said.

The Corcoran Group also recently inked a lease within the building and will be moving in soon, according to the Palm Beach Daily News.

Records show Crocker Partners paid $11.35 million for the two-parcel property in 2004. It sits on nearly an acre of land on the southwest corner of Royal Palm Way and Cocoanut Row.

The Quick family is well known in Palm Beach County and New York, where Quick’s father, Leslie C. Quick, co-founded the discount brokerage firm Quick & Reilly. In 1997, the company was acquired by Fleet Financial Services for $1.6 billion. It later merged with Bank of America in 2004.

His real estate holding company, First Palm Beach Properties, bought an assemblage of historic commercial buildings with business partner Michael McCloskey in 2012, and owns the building at 625 Flagler Drive.

HFF’s Hermen Rodriguez, Ike Ojala and Tracey Goo represented the seller.

In October, a Rhode Island real estate investment company paid $9.2 million for a nearby office building.