West Palm Beach Trophy Office Building Hits the Market for $200M-Plus

Stephen Ross may have the monopoly on West Palm Beach, Fla., but there’s a chance for one lucky buyer to snap up one of the few trophy office properties his firm hasn’t got its hands on (yet, at least).

Wheelock Street Capital and Brand Atlantic have put Banyan & Olive, their trophy office and retail property in the West Palm waterfront district, up for sale, Commercial Observer has learned. Eastdil Secured is quietly marketing the two-building, 156,785-square-foot property on behalf of the sellers, with pricing expectations north of $200 million, sources said. 

At roughly $1,250 per square foot, a done deal at that price would represent the tightest cap rate for an office in the Southeast U.S. The expectation is that the buyer pool will primarily comprise ultra-high-net-worth investors. 

The sale of Banyan & Olive will follow Wheelock Street Capital’s sale of The Ben hotel to Ross at the end of 2025. Both assets were in closed-end funds, hence the two sales, sources said, and the firm remains deeply invested in the West Palm Beach market today. 

Banyan & Olive’s construction began in 2022, when the developers landed $87 million in construction financing for the gut renovation and restoration of 111 Olive — a 1936 Arte Moderne building that now includes 10,000 square feet of retail and 30,000 square feet of office space —  and the ground-up construction of 300 Banyan, a 115,000-square-foot office building with panoramic views of the Intracoastal Waterway, Palm Beach Island and the Atlantic Ocean. 

Today, the two buildings are 88 percent leased to office tenants including Dycom, Taft, Alvarez Marsal and Edward Jones. Upscale Greek restaurant Kyma occupies 8,000 square feet on the ground floor — its first location outside of New York City — and also has a 6,000-square-foot rooftop space. 

Kyma’s lease signing in May 2024 spurred additional leasing in both the office and retail components of Banyan & Olive, with the remaining 12 percent of space intentionally left vacant at the property for the building’s future owner to utilize. 

According to a Q4 West Palm Beach office report by Avison Young, the city was the first office market in the nation to recover to pre-COVID levels, reaching an impressive 103 percent by November 2025. Leasing activity was also off to the races, amounting to 3.13 million square feet last year. 

Banyan & Olive’s future buyer will be in good — and select — company. Related Ross has snapped up or built roughly 95 percent of the trophy office product in West Palm Beach, and in December secured one of South Florida’s largest construction loans in recent years to build two new office towers.

One source described Ross as not being interested in building buildings, but rather small cities like Hudson Yards, and said the fruits of his labor are coming to bear at West Palm Beach, with 360 Rosemary now 100 percent leased and Wells Fargo bringing 100 Flagler to full occupancy. 

More generally, there’s been ample momentum behind the ongoing positioning of West Palm Beach as a new business hub, with Wells Fargo’s 50,000-square-foot lease reflecting a trend of larger tenants coming to the market as opposed to it being a city for 5,000 or 10,000 square feet financial service outposts.

Further, California-based tech firm ServiceNow announced in September it’s establishing a headquarters and artificial intelligence institute at Ross’s 10 City Place. 

As such, there’s been outsized interest in West Palm Beach relative to the city’s smaller size, coupled with inelastic demand, and Banyan & Olive may be investors’ only opportunity to buy a Class AA office building in West Palm Beach in the near term, sources said.

For the ultra-high-net-worth investors, some of the property’s allure will stem from West Palm’s scarcity of offerings, as well the building’s proximity to the lifestyle of other ultra-high-net-worth individuals living, working and playing within a five-mile radius. 

And, interested buyers should perhaps make haste, as sources told CO the sale may not be offered to the broader market if the sellers receive the price they’re seeking. 

As one source put it, “This is a very unique opportunity to buy an asset of this quality in a market where Steve Ross owns everything else and is an amazing force for the city.” 

It’s not all office investments for Ross in his market of choice, however. In November he went under contract to buy Wheelock Street Capital’s The Ben hotel, right next door to Banyan & Olive, for $190 million. Still, even with the sale of The Ben, and now Banyan & Olive, Wheelock is busy investing more than it’s selling in West Palm Beach. In collaboration with NDT Development and Place Projects, it’s the developer behind the $1 billion Nora District mixed-use development in Downtown West Palm Beach and has a further $500 million in development projects in the city in its pipeline. 

The Eastdil team has been busy in South Florida working on several high-profile deals of late, including 545 Wyn, the largest new construction office sale in South Florida since 2021; the Eau Palm Beach Resort and Spa, sold to centibillionaire Larry Ellison, who’s adding a Nobu to the property; and — on behalf of Stephen Ross — the $772 million construction loan for 10 and 15 City Place, which was the largest development loan ever executed in Florida. 

As for whether Ross may have interest in snapping up Banyan & Olive? 

“I mean, he’s the largest investor in the city, so I certainly wouldn’t count him out,” one source said. 

 Brand Atlantic and Wheelock Street Capital didn’t return requests for comment. Eastdil Secured declined to comment. 

Cathy Cunningham can be reached at ccunningham@commercialobserver.com.