The Real Deal Miami

Fortress pays $20M for Tiffany building on Worth Avenue

Tiffany & Co. has been in the building since 1991
By Keith Larsen | October 03, 2018 06:00PM

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.