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222 RPW LLC Acquires Palm Beach Office Building From Marc D. Stern For $18.67M

Property Image
SOLD
$18,670,000

Florida

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Office11,694 SF
Sold 08/12/2024
the dealdetailscomps
Property Image
SOLD

222 RPW LLC Acquires Palm Beach Office Building From Marc D. Stern For $18.67M

222 Royal Palm Way

See Similar Deals
Office11,694 SF
Sold 08/12/2024
the dealdetailscomps

Summary

FLORIDA
Asset Type:Office
Price Per Square Foot:$1,596
Total Square Footage:11,694 SF
Transaction Type:Sale

The office asset at 222 Royal Palm Way in Palm Beach encompasses 11,694 square feet and sits on a 0.43-acre lot, reflecting high market values in the area. The building was sold for $18,670,000, resulting in a price per square foot of $1,597. The transaction marks a significant change in ownership from Bessemer Trust to 222 RPW LLC.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $18,670,000
  • Buyer: 222 RPW LLC
  • Seller: Marc D. Stern - Bessemer Trust
  • Last traded for: $1.4 million in 1998
  • Market: Palm Beach
  • ACRES: 0.43
  • SF: 11,694
  • PPSF: $1,597

General American Capital Investments and attorney Brad McPherson represented the buyer in this transaction. The considerable transaction price underscores the heightened demand for office properties on the island, driven by interest from businesses catering to affluent clients.

Details

SOLD
IMAGE: Marc D. Stern DATE: 08/12/2024 ADDRESS: 222 Royal Palm Way MARKET: Palm Beach ASSET TYPE: Office ~ ACRES: 0.43 BUYER: 222 RPW LLC SELLER: Marc D. Stern - Bessemer Trust (@BessemerTrust1) SALE PRICE: $18,670,000 SF: 11,694 ~ PPSF: $1,597 NOTE: Bessemer Trust sold its former Palm Beach office building at 222 Royal Palm Way for $18.67 million to 222 RPW LLC, represented by General American Capital Investments and attorney Brad McPherson. The building, which last traded for $1.4 million in 1998, reflects the high office values on the island, driven by demand from companies catering to wealthy residents.

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