Palm Beach, FL – March 12, 2015 – (RealEstateRama) — CBRE has been exclusively engaged by Ivy Realty Services to lease and market a Class A office building in the prestigious Royal Palm Way corridor of Palm Beach, Florida. With 25,000 square feet, 250 Royal Palm Way resides along the island’s “Banker’s Row,” which is home to some of the world’s most renowned names in banking, financial advisory and professional services.
“This building—which features the largest contiguous block of space available on the island—is poised to rank top of its competitive class in location, functionality and appeal. We expect 250 Royal Palm Way to draw terrific leasing momentum from tenants seeking space in the 1,200- to 12,000-square-foot range,” said Anthony Librizzi, CBRE First Vice President.
“Palm Beach island is one of the most exclusive office markets in the country, is particularly attractive to new-to-market financial services firms, private equity funds and hedge funds relocating from elsewhere in the country,” added CBRE South Florida Managing Director, Ken Krasnow.
Built in 1975, the office building is strategically located on the corner of Royal Palm Way and Hibiscus Avenue and hosts Northern Trust as an anchor tenant. A recent $3.5 million dollar renovation encompassed the façade, roof, air conditioning rooftop units, main lobby, elevators and 2nd and 3rd floor common areas.
Additional features of 250 Royal Palm Way include move-in-ready spec suites, a full floor ready for occupancy and signage, impact-resistant glass throughout the building, and garage parking with seasonal doorman and valet services.
About Ivy Realty
Ivy Realty is a Greenwich, CT-based real estate investment, development and management company with a portfolio exceeding 5.5 million square feet of office, industrial, multi-family and retail properties. Ivy invests on behalf of institutional, discretionary funds in value-added investments in the Northeast U.S. and Southeast Florida. For more information, visit www.ivy-realty.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.