Fortress pays $20M for Tiffany building on Worth Avenue

Tiffany & Co. has been in the building since 1991

TRD MIAMI /
Oct.October 03, 2018 06:00 PM

259 Worth Avenue

Fortress Investment Group just bought a gem on Palm Beach’s Worth Avenue.

A Madden Family Associates partnership sold the Tiffany & Co. building at 259 Worth Avenue to Fortress for $20 million. The 16,374-square-foot building sold for $1,221 per square foot after nearly two years on the market. At the time, the listing agent said the property was expected to sell for $40 million.

Worth Avenue is one of the most expensive retail streets in the United States.

Tiffany, which has been in the building since 1991, is its main tenant and leases 11,081 square feet. The luxury jeweler invested millions into upgrades, including marble floors, steel doors and the Tiffany clock above the entrance. Tiffany also has a flagship store in the Miami Design District.

The building was constructed in 1950 and Madden Family Associates owned it for decades, property records show. The family decided to sell in 2016 because of market conditions and for family planning reasons.

Greg Matus of Franklin Street represented the buyer and seller, according to a press release. Franklin Street’s Lisa Jesmer will provide property management services for the building.


Related Articles

arrow_forward_ios
Doug and Karin Waggoner with the property at 137 Woodbridge Road (Credit: Google Maps and Southern Methodist University)

Former BlackRock exec pays $9M for Palm Beach house with Mar-a-Lago membership included

Former BlackRock exec pays $9M for Palm Beach house with Mar-a-Lago membership included
South Florida Resi Contracts Up in July (Credit: iStock)

South Florida resi contracts continued to rise in July

South Florida resi contracts continued to rise in July
350 Indian Road and (inset) Frank H. Kenan (Realtor, Kenan Institute)

Scion of Kenan family sells Palm Beach mansion for $8M

Scion of Kenan family sells Palm Beach mansion for $8M
113 Clarke Avenue, Peter J. Wood, Edwin Lin (Realtor.com)

Citadel hedge fund exec buys Palm Beach home for $10M

Citadel hedge fund exec buys Palm Beach home for $10M
Schuyler Tilney and 222 Ridgeview Drive (Linkedin, Sotheby's)

Got the power: Energy investor and former Enron exec pay $7M for Palm Beach house

Got the power: Energy investor and former Enron exec pay $7M for Palm Beach house
1744 South Ocean Boulevard (Credit: Google Maps and iStock)

Oceanfront Palm Beach estate trades for $51M

Oceanfront Palm Beach estate trades for $51M
Rendering of 259 Pendleton Ave. with Jonathan Fryd, Todd Glaser and Scott Robins (Glaser by Mary Beth Koeth)

Todd Glaser, partners buy Palm Beach lot to build spec home

Todd Glaser, partners buy Palm Beach lot to build spec home
920 North Lake Way, Jeffrey Marcus of Marcus Cable, and Patrick Ryan of Press Ganey (Credit: Google Maps)

Cable mogul buys waterfront Palm Beach home for $16M

Cable mogul buys waterfront Palm Beach home for $16M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...