Citadel Acquires Palm Beach Office Building On Worth Avenue For $83M

A mixed-use property located at 125 Worth Avenue in Palm Beach has been sold for a total of $83 million. The property spans across 0.79 acres and features a total of 49,401 square feet. The sale price per square foot stands at $1,680, indicating the value of the property in the market. The transaction took place on July 17, 2023.

Summary of transaction details

• Property Type: Mixed-use
• Transaction Amount: $83,000,000
• Address: 125 Worth Avenue, Palm Beach
• Market: Palm Beach
• Acres: 0.79

The buyer of the property is Citadel, represented by Ken Griffin and Gerald Beeson. On the other hand, Dreyfuss Management, with JR Schuble, and the Frisbie Group acted as the sellers. This transaction signifies the increasing value of office buildings in Palm Beach, driven by rising office rents and the island's appeal to affluent individuals. Notably, Ken Griffin's affiliation with Citadel hedge fund played a role in the acquisition of this Palm Beach property.