Reuben Brothers and Crown Onyx Investments have bought The Esplanade, the shopping center at 150 Worth Ave. in Palm Beach, from an affiliate of O’Connor Capital Partners, according to a release from Reuben Brothers.
The purchase price was not disclosed. No deed of sale for the transaction had been recorded at the Palm Beach County courthouse as of noon March 23, so the amount changing hands was not available in public records.
London-based Reuben Brothers also owns the historic Vineta Hotel in Palm Beach, which recently re-opened after a three-year remodeling project that transformed the property, formerly known as The Chesterfield.
The Esplanade, which spans 2 acres at the corner of South County Road, was acquired by O’Connor Capital Partners in 2014 for $106 million. O’Connor owned it through a Delaware limited liability company.
CEO Bill O’Connor of O’Connor Capital Group could not immediately be reached for comment about the sale.
The real estate news outlet The Real Deal was the first to report the transaction.
Opened in 1980, the shopping center was developed by the late Palm Beach resident Murray Goodman of the Goodman Co. Built in phases over the next two decades along the Avenue’s ocean block, the shopping plaza was later known as 150 Worth, but the name eventually reverted to The Esplanade.
The Esplanade — a fixture on the luxury retail corridor — is home to tenants that include Carolina Herrera, Emilio Pucci, Piaget and Hublot.
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 firms plan to renovate the property and update its tenant mix, according to the announcement of the sale, which was released March 20.
The Mediterranean-inspired retail venue will undergo “subtle” changes throughout 2026, reinforcing its role as both a premier retail destination and a social hub for Palm Beach residents, according to Reuben Brothers.
Reuben Brothers is a private-equity and real estate development and investment firm that controls an international portfolio of office, retail, hotel, residential and other properties.
For Reuben Brothers, the property’s history and location made it a special opportunity, similar to London’s Burlington Arcade, the company said in its release. That 19th-century galleria, which opened in 1819, has been part of the Reuben Brothers’ portfolio since 2018.
“Burlington Arcade and The Esplanade each boast distinct legacies, but together they demonstrate our affinity for blazing trails and breathing new life into architectural masterpieces,” Trupti Shah, commercial director for Burlington Arcade at the Reuben Brothers’ property group, said in a statement.
Shah also highlighted the firm’s commitment to Palm Beach and to Worth Avenue as a premier retail destination.
“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,” Shah said. “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.”
The purchase expands Reuben Brothers’ growing presence in Palm Beach. In 2022, the firm acquired The Chesterfield at 363 Cocoanut Row, for $42 million. After the company’s renovations, the hotel reopened as The Vineta in February under the Oetker Collection brand. The Esplanade stands less than a mile from The Vineta.
The former Saks Fifth Avenue space at The Esplanade is already slated for redevelopment. The town’s Architectural Commission approved architectural plans in December for a redesigned facade that would add ground-floor storefronts and second-story windows.
In addition to The Esplanade and The Vineta, Reuben Brothers owns retail property at 259 Worth Ave., which is home to Tory Burch and Tiffany & Co. It’s other South Florida investments include the W South Beach and a stake in the JW Marriott Miami Turnberry Resort & Spa.
This is a developing story. Check back for any updates.
Jodie Wagner is a journalist at the Palm Beach Daily News, part of the USA TODAY Florida Network. You can reach her at jwagner@pbdailynews.com.
This article originally appeared on Palm Beach Post: Worth Avenue shopping center in Palm Beach has new owners
Reporting by Jodie Wagner, Palm Beach Daily News / Palm Beach Post
USA TODAY Network via Reuters Connect
