Sales  ·  Commercial

CS Ventures Expands South Florida Portfolio to Palm Beach’s Bankers Row

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CS Ventures has purchased two neighboring office buildings in Palm Beach, Fla.

The South Florida company purchased 340 and 350 Royal Palm Way from Chicago-based real estate investment firm Pearlmark for $35 million. 

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Combined, the two properties total about 44,600 square feet, and are located on Bankers Row, a commercial strip on the main road leading into the barrier island from West Palm Beach. Of the two, 350 Royal Palm Way is completely leased, while 340 still has available space.

The JLL (JLL) capital markets team that represented both the buyer and the seller is comprised of Ike Ojala, Hermen Rodriguez, Matthew McCormack, Max Lescano, Blake Koletic and Michael Roukis.

The purchase extends the office boom in West Palm Beach to the exclusive island, known best for its billionaire residents. 

“The town of Palm Beach is a highly exclusive enclave that has seen tremendous in-migration of wealthy families and companies, resulting in high demand for the limited inventory of available office space on the island and strong investor interest,” Ojala said.

Bankers Row is home to tenants in wealth management and banking as well as law firms, hedge funds and private equity funds, that have been drawn to the area close to Palm Beach International Airport, Florida’s Turnpike and Interstate 95, according to JLL.

CS Ventures could not be reached  and Pearlmark did not immediately respond to a request for comment.

Mark Hallum can be reached at mhallum@commercialobserver.com.