Trian Partners Buys Palm Beach Office Building for $23M
By Celia Young October 1, 2021 7:44 pm
reprints
New York-based Trian Partners purchased a Palm Beach office building for $23 million — more than double what the building sold for in 2019.
Co-founder of Trian Partners Peter May signed the deal, which closed on Thursday, for the two-story, 223 Sunset Avenue building, according to property records. The building is home to Trevini Ristorante, a popular Italian restaurant among locals.
The Palm Beach native, who founded Trian with fellow-residents Nelson Peltz and Ed Garden, snagged an $18.4 million mortgage with Bank of America on the building, Palm Beach Daily News reported.
“Trian is delighted to be able to grow our firm in Palm Beach,” said a spokesperson for Trian in a statement. “Owning the building accommodates our need for additional space as we expand our business operations.”
Trian invests in public companies to produce earnings for its shareholders, according to its website.
A company tied to Boston-based New England Development sold the building to Trian after completing extensive renovations on the property, and previously paid $10.2 million for it in February 2019, Palm Beach Daily News reported.
New England Development has a strong presence on Sunset Avenue, owning Bradley Park Hotel which reopened last fall as The White Elephant, Palm Beach Daily News reported. Trevini, which formerly took up the ground-floor at the Bradley Park Hotel, relocated to the 223 Sunset Avenue building after it was purchased in 2019.
The office building holds a parking garage, 21,607 square feet of leasable space and is home to retail tenants including Rollology Fitness and Sunset Pilates, according to Loopnet and Google Maps.
New England Development did not immediately respond to requests for comment.
Celia Young can be reached at cyoung@commercialobserver.com.
