The office building at 250 Royal Palm Way just sold for $697 a foot, a rich valuation for Palm Beach County space.
To compare: The office buildings at 340 and 350 Royal Palm Way sold in 2013 for $461 a square foot. A mile west, CityPlace Tower in 2014 fetched $490 per square foot.
The 24,034-square-foot building at 250 Royal Palm Way just sold for $16.75 million, according to a deed made public Thursday. The seller was Ivy Realty of Montvale, New Jersey; the buyer is Epic LLC of New York.
Ivy Realty paid $7 million for the 38-year-old building and spent $2 million on renovations. In a 2013 interview, Rusty Warren, co-chief executive of Ivy Realty, said the building reminded him of a bomb shelter.
“This was perhaps the nicest location — and the worst building,” Warren said. “In real estate, you want to buy the worst house on the nicest street, and I think that applies here.”