Downtown West Palm Beach office building, parking lot sell for $20M

Buyer plans a gut renovation of the building and wants to build a 12-story office building on the parking lot

Miami /
Jun.June 30, 2021 01:30 PM
Vice President of investments at Marcus & Millichap C. Todd Everett and The Galleria International (Everett, The Galleria)

Vice President of investments at Marcus & Millichap C. Todd Everett and The Galleria International (Everett, The Galleria)

The Galleria International, an office building in West Palm Beach, sold for $20 million, in a deal that included a parking lot, The Real Deal has learned.

Galleria International LLC sold the 42,263-square-foot office building at 301 Clematis Street to Clematis Banyan Investors LP, according to a press release. Safe Parking LLC sold the 30,000-square-foot parking lot adjacent to the office building.

Marcus & Millichap’s C. Todd Everett represented the sellers, and Scott Geller of the same brokerage represented the buyer.

The seller, based in West Palm Beach, is managed by Ralfonso “Ralf” Gschwend, a Swiss kinetic sculptor. He has studios in West Palm Beach and Geneva, Switzerland, according to his website. Gschwend manages both selling entities.

The three-story building has retail on the ground floor and offices on the second and third floors.

The building last traded for $600,000 in 1993, records show. The parking lot sold for $200,000 the same year.

Clematis Banyan Investors, led by Adam Demark of Palm Beach, plans to gut renovate the interior of the office building with high ceilings and large windows, according to the release. Palm Beach County property records show Demark bought a home in Palm Beach in August for $4 million.

The buyer also plans to construct a 12-story, 100,000-square-foot Class A office tower with parking on the site of the existing parking lot.

In West Palm Beach, New York-based Related Companies has been on an office buying spree recently. In January, Related bought the Phillips Point towers for $282 million, and it bought the CityPlace Tower for $175 million in May. In June, Related bought half of the ownership interest in Esperanté Corporate Center, also in West Palm Beach.






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