Just 20 months after trading hands, a Palm Beach office building has sold again for $37.8 million, property records show.
The 61,609-square-foot property, located at 440 Royal Palm Way, sits in the heart of the ritzy island community — a popular destination among New York’s elite, including former President Donald Trump and Blackstone CEO Stephen Schwarzman.
Anchored by SunTrust Private Wealth Management, the three-story building is 100 percent leased, Spencer Schlager, one of the buyers, told Commercial Observer. Schlager, along with Charles Rosenberg purchased the property, under the name CS Ventures.
The seller, Boca-Raton-based private equity firm Blue Water Advisors, bought the boutique office building, as well as a six-story structure up the road, for a combined $38.5 million in 2020, per records. CS Ventures is assuming Blue Water’s $19.25 million loan from First Republic Bank, Schlager said.
Friends from spending parts of their childhoods in Palm Beach and students as at the University of Pennsylvania, Schlager and Rosenberg have been snapping up commercial property across the island town, according to The Palm Beach Daily News, which first reported about the sale. Earlier this year, CS Ventures purchased another office building, also on Royal Palm Way, for $18.5 million, according to records.
The acquisitions come as financial giants are relocating to West Palm Beach, the city across the Intracoastal Waterway. Hedge fund Elliott Management and Goldman Sachs are expected to move into Related Companies’ 360 Rosemary development. Hedge fund Millennium Management and private equity firm Apollo Global Management are also planning to open offices.
Julia Echikson can be reached at email@example.com.