Major Real Estate Deal in West Palm Beach: $40 Million Sale of 1100 Banyan
In a significant move for the real estate market, JLL Capital Markets has finalized the sale of 1100 Banyan, a prominent 70,131-square-foot office building and TV studio located in downtown West Palm Beach, Florida. The transaction, valued at $40 million, was officially announced on May 1, 2025.
Key Details of the Transaction
- Seller: The E.W. Scripps Company
- Buyer: A joint venture between Related Ross, Wexford Real Estate Investors, and Key International
- Lease Agreement: Scripps is set to lease back the entire property for a minimum of two and a half years.
Insights from Industry Leaders
Stephen Ross, CEO of Related Ross:
“We are pleased to announce the acquisition of 1100 Banyan, reaffirming our commitment to West Palm Beach and Palm Beach County… This investment underscores our confidence in the region’s significant growth potential.”
Under Ross’s leadership, Related Ross is focusing on enhancing West Palm Beach’s status as a center for entrepreneurship and innovation, leveraging the area’s burgeoning tech ecosystem and educational investments.
Philip Braunstein, Managing Principal of Wexford Real Estate Investors:
“We’re thrilled to have acquired another site in West Palm Beach, a city that continues to experience tremendous growth and change for the positive.”
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Wexford plans to contribute meaningfully to the city’s vibrant development, emphasizing sustainable growth.
Location Advantages
1100 Banyan’s Prime Positioning
- Address: Located at the corner of Banyan Blvd. and Australian Ave.
- Views: Protected two-way water views of the Atlantic Ocean and Clear Lake.
- Accessibility: Proximity to I-95, facilitating seamless travel across the greater Palm Beach area.
- Walkability: Close to CityPlace, a dynamic hub for shopping, dining, and entertainment, managed by Related Ross.
CityPlace: A Vibrant Community Hub
CityPlace is rapidly transforming into the heart of West Palm Beach. It features:
- A diverse array of shops and restaurants
- Excellent public spaces for relaxation and community events
- Seasonal festivities and engaging outdoor activities
Market Trends and Investor Interest
Demand in West Palm Beach
According to Matthew McCormack, Senior Director at JLL Capital Markets:
“West Palm Beach continues to garner voracious investor interest, driven by its robust economic growth, a favorable business climate, and quality of life.”
Key Market Insights
- Strong Demand: The sale underscores the strong interest in prime assets within the Banyan corridor.
- Long-Term Value: Investors are recognizing the extensive growth potential in the region.
Upcoming Developments
Simon Banke, Senior Director at JLL Capital Markets, remarks:
“Downtown West Palm Beach is on a clear upward trajectory… 1100 Banyan stands out as a phenomenal opportunity to capitalize on and further this growth.”
Property Specifications
- Building Age: Completed in 2000
- Facilities: Houses Scripps’ WPTV news studio, office space, a 170-space parking garage, and 33 surface spaces.
Collaborators in the Deal
The transaction was facilitated by the JLL Capital Markets team, including:
- Simon Banke
- Matthew McCormack
- Joe Judge
- Anna Schaffer
About JLL Capital Markets
With over 3,000 specialists across nearly 50 countries, JLL’s Capital Markets group is recognized for its expertise in investment sales, debt advisory, and more. They deliver comprehensive solutions tailored for real estate investors and occupiers.
Conclusion
The acquisition of 1100 Banyan marks a pivotal moment for West Palm Beach, showcasing its potential as a burgeoning hub for commerce and innovation. As investments continue to flow into the area, stakeholders are optimistic about the city’s bright future.
For additional information about JLL and other real estate trends, you can visit JLL’s newsroom.