Reuben Brothers and Crown Onyx Investments acquired The Esplanade, a luxury shopping center located at 150 Worth Avenue in Palm Beach, from an affiliate of O’Connor Capital Partners, according to a March 20 news release. The purchase price was not disclosed by the joint venture.
The acquisition is significant as it marks an expansion of Reuben Brothers’ presence in Palm Beach’s high-end retail market. The Esplanade features well-known luxury retailers such as Carolina Herrera, Emilio Pucci, and Hublot. Built in 1979, the Mediterranean-style complex was among the first luxury shopping centers on Worth Avenue and has played a role in establishing the street as a destination for upscale retail.
O’Connor Capital Partners previously purchased the property for $106 million in 2014. Over four decades, The Esplanade has adapted to changing tastes and clientele in Palm Beach. According to the release, Reuben Brothers and Crown Onyx plan to renovate the property and enhance its tenant mix and physical environment with the goal of positioning it as both a retail anchor and social hub for local residents.
The acquisition comes ahead of the grand opening of The Vineta by Oetker Collection, a German luxury hotel brand. Located two blocks from The Esplanade, The Vineta recently underwent a comprehensive renovation led by London designer Tino Zervudachi that aimed to revitalize its historic Mediterranean Revival building while preserving its character.
In addition to their new acquisition, Reuben Brothers’ holdings in Palm Beach include 259 Worth Avenue—home to Tory Burch and Tiffany & Co.—and other properties across South Florida such as W South Beach and a stake in JW Marriott Miami Turnberry Resort & Spa. Plans are also underway for upgrades at W South Beach, including new amenities pending approval from local authorities.
