CS Ventures purchased a pair of office buildings along Bankers Row in Palm Beach for $35 million, marking the buyer’s continued bet on the ritzy town.
Palm Beach-based CS Ventures, a partnership between Spencer Schlager and Charles Rosenberg of Rosemark Management, bought the buildings at 340 and 350 Royal Palm Way from Chicago-based Pearlmark, according to the broker’s news release.
New York City-based Rosemark Management is the Arthur G. Cohen Family Office’s investment manager and purchaser, and its portfolio spans 5 million square feet of residential and commercial assets across the U.S., according to its website. Rosenberg is managing partner of Rosemark, his LinkedIn shows.
Ike Ojala and Hermen Rodriguez were part of the JLL team that represented the seller and buyer.
The four-story building at 340 Royal Palm Way totals 20,813 square feet; and the adjacent five-story building at 350 Royal Palm Way has 23,812 square feet, according to the release. They have a total of 146 parking spots.
Pearlmark, through an affiliate, paid $21.9 million for both properties in 2013, records show. Each property spans almost 0.5 acres. The building at 340 Royal Palm Way was constructed in 1974 and the one at 350 Royal Palm Way was built in 1968.
The 350 Royal Palm Way building is fully leased with tenants including recruiter Mahler Private Staffing, investment adviser Leach Capital and law firm Jones Foster.
The 340 Royal Palm property is about 50 percent leased, with roughly 7,100 square feet available, according to Schlager. Tenants include FineMark National Bank & Trust and attorney Tammie Massey.
Pearlmark, led by CEO Stephen Quazzo, is a boutique real estate investor and manager formed in 1996, according to its website. The firm has made 558 investments across the country worth $13.7 billion, the release says.
The deal brings CS Ventures’ Palm Beach investments to six properties spanning about 150,000 square feet, purchased for more than $100 million since the company’s formation in 2018, Schlager said.
In September, the joint venture paid $37.8 million for the office building at 440 Royal Palm Way. It also bought the building at 324 Royal Palm Way in May for $18.5 million, records show.
These properties coupled with the two newly purchased ones give CS Ventures roughly 500 feet of frontage on Royal Palm Way, which is known as Bankers Row for its numerous wealth management, bank, hedge fund and private equity fund tenants.
In 2020, CS Ventures bought the office-retail building at 214 Brazilian Avenue for almost $9 million and the mixed-use property at 249 Royal Poinciana Way for $4.4 million, records show.
Palm Beach, known for its mansions, estates and Mar-a-Lago, also has office, retail and multifamily real estate, which have been trading in recent years.
An entity led by Alexander Griswold of Blue Water Advisors sold the office building at 450 Royal Palm Way last year for $17 million.
In March, tech tycoons Chad and Doug Clark bought the six-unit, vacation-rental property at 106 Hammon Avenue for $14.7 million.