Billionaire Palm Beach resident Nelson Peltz’s Trian Partners bought an office building on the barrier island for $23 million.
Trian purchased the two-story building at 223 Sunset Avenue from an affiliate of Boston-based New England Development, according to records. Trian took out an $18.4 million loan from Bank of America.
New England Development, led by Stephen Karp, bought the building in 2019 for $10.2 million.
The 22,689-square-foot building was constructed in 1984 on 0.6 acres, property records show.
The white, barrel-tile roofed building is the site of popular Trevini Ristorante, which offers outside seating beneath a striped blue and white canopy.
Trian – founded and led by Peltz as well as Ed Garden and Palm Beach resident Peter May – is a multibillion-dollar alternative investment manager. It focuses on quality, yet undervalued and underperforming, public companies, according to its website.
Trian Fund Management was founded in 2005 and is based in New York City, but it also has an office in the 223 Sunset Avenue building in Palm Beach. Trian plans to expand its space at the property, according to media reports.
Trian’s investment portfolio includes Comcast, Invesco, Wendy’s and General Electric. Peltz serves as non-executive chair of Wendy’s and a director of Invesco, according to Trian’s website.
Peltz and his wife, Claudia Heffner, own a North County Road house in Palm Beach. May owns a house on Dunbar Road on the barrier island.
Garden and his wife, Brooke Garden, sold their lakefront Palm Beach house in April to former casino tycoon Steve Wynn for $24 million.
Trian’s purchase of the office building follows the trend of New York financial service firms expanding to South Florida, especially to West Palm Beach and Palm Beach, over the past year and a half.
In September, CS Ventures, led by partners Spencer Schlager and Charles Rosenberg, bought a Bankers Row office building in Palm Beach for $37.8 million.