Jones Lang LaSalle Americas Inc. (“JLL”) is pleased to exclusively offer the opportunity to acquire 340 & 350 Royal Palm Way (the “Property” or the “Buildings”), two adjacent boutique office buildings with a total of 44,625 square feet along Royal Palm Way, also known as “Bankers’ Row” on the Island of Palm Beach, Florida.
340 Royal Palm Way is a 4-story, 20,813 square foot building and 350 Royal Palm Way is a 5-story, 23,812 square foot building; together the two adjacent buildings are currently 48.2% leased, with weighted average lease term of 3.71 years. The Buildings are well positioned for strong revenue increases with in-place rental rates that are substantially below market, offering investors a unique opportunity to purchase assets of this size on Royal Palm Way with exceptional upside potential.
340 Royal Palm Way offers structured parking, an exceptionally rare amenity on the Island, which contributes to a parking ratio above 3 per 1,000 square feet for the Buildings. The Buildings also feature three fully vacant floors, making this an attractive opportunity for an owner-user looking to acquire space on Palm Beach.
• Unique value-add opportunity with high profile addresses along Palm Beach’s exclusive “Bankers’ Row"
• Significant upside potential through lease-up
• Rare, structured parking and high parking ratio
• SALT effect - the great wealth migration
• White-hot growth in Palm Beach County
• Strong office market fundamentals
• One of the most affluent cities in Florida
• Outstanding location and accessibility