Michael Osiecki and Mark Pateman Represented 231 Royal Palm Way, LLC in the Sale of 231 Royal Palm Way to Primary Properties, Inc.
WEST PALM BEACH, FL, October 18, 2017 — Cushman & Wakefield announced today that it has negotiated the sale of 231 Royal Palm Way, an 11,576-square-foot freestanding office building on Palm Beach’s Banker’s Row.
Cushman & Wakefield Senior Associate Michael Osiecki and Mark L. Pateman, Managing Principal for Palm Beach County, negotiated the disposition on behalf of 231 Royal Palm Way, LLC. Primary Properties, Inc., a subsidiary of Cranston, RI-based Procaccianti Properties, which also has an office in West Palm Beach’s CityPlace Tower, acquired the asset for $9.2 million ($795 per square foot).
231 Royal Palm Way was developed in 1973 on a 0.32-acre site. The building features luxurious high-end finishes throughout and offers on-site covered parking and 29 total spaces. 231 Royal Palm Way was 67 percent occupied at the time of sale by PNC Bank Private Wealth Management.
231 Royal Palm Way’s location on Palm Beach’s famed Bankers Row provides exceptional access to the restaurants and shops along world-renowned Worth Avenue district.
“The sale of 231 Royal Palm Way at $795 per square foot exemplifies a real appetite for best-in-class office product on a supply constrained barrier island,” said Osiecki.
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