The Esplanade shopping center in Palm Beach has sold for $200 million, likely setting a new price record in town, according to county records.
O’Connor Capital Partners sold the Mediterranean Revival-style development at 150 Worth Ave. to Reuben Brothers and Crown Onyx Investments in a deal announced last week. The Palm Beach Daily News reported that sale but the purchase price had not previously been disclosed.
The Daily News was the first media outlet to report the sale price, which was included with a deed recorded at the Palm Beach County courthouse on March 26.
The eye-popping price likely makes this the most expensive single-property sale — commercial or residential — in Palm Beach.
On 2 acres, the two-story Esplanade encompasses 128,779 square feet, including its parking garage. Using that measurement, the buyers paid about about $1,553 per square foot.
The purchasing entities were Esplanade TIC LLC and Esplanade Metro TIC LLC, a pair of recently incorporated foreign limited liability corporations with connections to the Reuben Brothers, according to state records. The seller was Wilson 150 Worth LLC, the Delaware limited liability corporation through which O’Connor owned The Esplanade since buying it for a recorded $104 million in 2014.
The previous holder of the top spot for most expensive single-property sale in Palm Beach was a residential deal in which about $170 million changed hands for an oceanfront mansion at 589 N. County Road in April 2023.
Reuben Brothers, based in London, also owns the recently reopened historic Vineta Hotel, which stands just a few blocks southwest of The Esplanade in Palm Beach’s Midtown. The hotel, previously known as The Chesterfield, underwent a three-year, multimillion dollar transformation. In addition, Reuben Brothers owns the retail property at 259 Worth Ave., home to Tury Burch and Tiffany & Co. Other South Florida investments include the W South Beach and a stake in the JW Marriott Miami Turnberry Resort & Spa.
Tenants at The Esplanade include Hublot, Emilio Pucci, Carolina Herrera, J.McLaughlin, Compass Real Estate and Piaget. Just down Worth Avenue are stores for luxury brands such as Ferragamo, Louis Vuitton, Chanel and Gucci.
Reuben Brothers, owned by billionaire brothers David and Simon Reuben, partnered with Crown Onyx, led by Stanley Chera and Brittany Bragg, on the acquisition, the Reuben Brothers said in a news release. In that March 20 announcement, the firms said they plan to renovate the property and update the mix of tenants.
“Throughout 2026, the Mediterranean-inspired retail venue will be subtly transformed to reflect the energy and magnitude of its surroundings, reviving its status not only as the eminent retail location in Palm Beach but as a cultural and social hub for its residents,” the Reuben Brothers said in the news release.
A representative for the Reuben Brothers on March 26 declined to comment further about plans for The Esplanade.
“We have long understood the significance of Palm Beach, not just as the home of luxury retail, but as a location rich in history, culture and natural beauty,” Trupti Shah, commercial director for Burlington Arcade at the Reuben Brothers’ property group, previously said in a statement. “Today, its appeal is stronger than ever, and we are excited to play a part in enhancing the community as we write a new chapter for The Esplanade.”
Sale a testament to demand, experts say
The purchase of The Esplanade by a partnership that includes the Reuben siblings shows that they are serious about their investment in Palm Beach, said Douglas Evans, president of the Palm Beach Chamber of Commerce.
“That, I think, is wonderful,” he said.
Palm Beach is becoming less seasonal, and Worth Avenue in turn is becoming even more of a destination. The Esplanade’s sale is part of a larger trend of growing interest in Palm Beach by businesses and investors, and that trend has translated into exponential growth for the island’s chamber, which has added 120 new members since the start of the year, Evans said.
He lauded the Town Council and Mayor Danielle Moore for their work to preserve the quality of life in Palm Beach, even as the town grows and changes.
“The reality is, you can’t stop change. You can manage change, but you can’t stop it,” Evans said. “I think anything that’s going to benefit the merchants, the restaurants and the hotels on the island is a very good thing.”
The Esplanade is a prime piece of Palm Beach real estate, unique in its size and location, real estate professionals told the Daily News.
“I think it’s amazing. There’s nothing else around right now” in terms of large pieces of commercial real estate for sale in Palm Beach, said Tony Hollis, a real estate broker who specializes in commercial property at Hollis Realty Group. Hollis’ father, Earl, is a longtime real estate broker in Palm Beach who helped to assemble part of the land for The Esplanade when it was developed in the 1970s by the late Murray Goodman. The complex opened in 1980 and stretches along the south side of the Avenue’s ocean block.
The Reuben brothers “are major,” Tony Hollis said. “They’ll add a lot of value to it.”
The Esplanade’s sale also sends a strong signal that Palm Beach real estate continues to be in high demand, said Jonathan Duerr, president of the Palm Beach Board of Realtors and an agent with the Corcoran Group.
“It reflects a sustained confidence from high-level investors in the long-term value and stability of our town,” Duerr said.
Commercial real estate inventory is limited, and globally sought-after, he said. The sale of The Esplanade will set new benchmarks not only in Palm Beach and Palm Beach County, but around the country, Duerr said.
It also reinforces Palm Beach’s transition from a seasonal town to a “vibrant, year-round community,” he said.
“It’s a pretty clear indication that Palm Beach, Palm Beach County and even the Palm Beaches in general remain one of the most resilient and reliable real estate markets,” Duerr said.
Partial redevelopment already in the works
An effort at The Esplanade is already underway to redevelop the former Saks Fifth Avenue big-box space using a zoning-code variance approved by the Town Council in December and designs greenlighted by the Architectural Commission in January.
Saks’ closure on April 19, 2025, ended nearly 100 years of the company’s standalone presence on the island, leaving behind a roughly 50,000-square-foot, two-story hole to fill.
The plans show smaller shops on the street level of the former Saks. At the December council meeting, attorney Tim Hanlon said plans were still in the works for the second-floor and potential tenants for that space.
The design features an updated facade with more of a Mediterranean-inspired feel. New storefronts would have more windows and doors, plus architectural elements that are more in line with surrounding buildings on Worth Avenue, including arches, awnings, pilasters and a frieze band.
The architectural plans for the redevelopment was drawn up by Palm Beach-based Fairfax & Sammons Architects. SMI Landscape Architecture designed the landscaping.
Saks Fifth Avenue has retained a presence in Palm Beach with its Fifth Avenue Club in the White Elephant Palm Beach hotel across town.
The redesign of the former Saks space is part of a larger renaissance happening on Worth Avenue’s ocean block that includes the sale of a major retail property just across the street. TZ Capital paid a recorded $80.5 million to buy 151 Worth Ave. from billionaire Ken Griffin in November, and the council and Architectural Commission have approved redevelopment plans for that 48,578-square-foot building as well.
(This story was updated to add new information.)
Kristina Webb is a reporter for Palm Beach Daily News, part of the USA TODAY Florida Network. You can reach her at kwebb@pbdailynews.com. Subscribe today to support our journalism.
This article originally appeared on Palm Beach Post: Esplanade in Palm Beach sells for record $200 million, deed shows
Reporting by Kristina Webb, Palm Beach Daily News / Palm Beach Post
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