Stephen Ross, Joseph Jacobs, Philip Braunstein, Jose, Diego, And Inigo Ardid Acquire Office At 1100 Banyan Boulevard For $40M
1100 Banyan Boulevard
$40,000,000
$570/SF
Building Size
70,131 SF
Asset Type
Office
Closing
May 1, 2025
AI
1100 Banyan Boulevard is a 70,131-square-foot office and TV studio located in West Palm Beach, encompassing 4.73 acres. The property was sold for $40 million, reflecting a price per square foot of $570. The transaction demonstrates a strong investment interest in the Banyan corridor as the market continues to develop.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $40,000,000
- Address: 1100 Banyan Boulevard
- Market: West Palm Beach
- Asset Size: 70,131 SF
- Price per Square Foot: $570
- Buyer: Stephen Ross - Related Ross; Joseph Jacobs & Philip Braunstein - Wexford Real Estate Investors; Jose, Diego & Inigo Ardid - Key International
- Seller: Adam Symson - The E.W. Scripps Company
- Brokers: Anna Schaffer, Joe Judge, Matthew McCormack & Simon Banke - JLL
The E.W. Scripps Company sold the property, retaining a lease for at least 2.5 years. The deal was facilitated by JLL, highlighting the buyer's strategy to invest in the expanding market of West Palm Beach.
Players
West Palm Beach Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.40%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93