West Palm Beach office/tv studio property trades for $40 million

MIAMI, May 1, 2025 – JLL Capital Markets announced today that it has closed the $40 million sale of 1100 Banyan, a 70,131-square-foot office building and TV studio on 4.73 acres of prime real estate in downtown West Palm Beach, Florida.

JLL represented the seller, The E.W. Scripps Company, and procured the buyer, a joint venture between Related Ross, Wexford Real Estate Investors and Key International. Scripps will lease-back the entire property for a minimum of two and a half years.

"We are pleased to announce the acquisition of 1100 Banyan, reaffirming our commitment to West Palm Beach and Palm Beach County,” said Stephen Ross, CEO and Chairman, Related Ross and Founder of Related Companies. “This investment underscores our confidence in the region's significant growth potential. West Palm Beach has established itself as a center for entrepreneurship and innovative businesses, characterized by a burgeoning tech ecosystem, substantial investments in education and a dynamic business community. As we continue to expand, we are focused on delivering projects that will further position West Palm Beach as a leading hub of commerce and ideas."

1100 Banyan sits at the prominent corner of Banyan Blvd. and Australian Ave. with forever protected two-way water views of the Atlantic Ocean and Clear Lake. The property is convenient to I-95, providing north/south access throughout the greater Palm Beach area. In addition, 1100 Banyan is walkable to CityPlace, a dynamic destination for shopping, dining, living and working, managed by Related Ross, and to both the Brightline and Tri-Rail stations within downtown West Palm Beach. CityPlace is transforming into the vibrant heart of West Palm Beach, blending shopping, dining and leisure in a dynamic retail hub. With a diverse array of shops and restaurants, it offers something for everyone while enhancing public spaces for relaxation and community events. This lively destination invites visitors to enjoy its beautiful open spaces, seasonal festivities and engaging outdoor atmosphere.

“We’re thrilled to have acquired another site in West Palm Beach, a city that continues to experience tremendous growth and change for the positive. As we deepen our presence here, we remain committed to thoughtfully contributing to the city's future and helping shape its next chapter of vibrant, sustainable growth,” said Philip Braunstein, Managing Principal of Wexford Real Estate Investors.

Completed in 2000, 1100 Banyan is a two-story building that houses Scripps’ WPTV news studio and office space. The fully leased property also includes a 170-space parking garage and 33 surface spaces.

"West Palm Beach continues to garnish voracious investor interest, driven by its robust economic growth, favourable business climate and quality of life," said Matthew McCormack, Senior Director at JLL Capital Markets. "The sale of 1100 Banyan underscores the strong demand for prime assets in this West Palm Beach, and the Banyan corridor, as investors recognize the long-term value and growth potential. As a great Anchorman once said, ‘it’s kind of a big deal’."

Simon Banke, Senior Director at JLL Capital Markets, added, “Downtown West Palm Beach is on a clear upward trajectory and the city’s growth will continue, fueled by a pro-business economic climate, alongside continued investment and in-migration. 1100 Banyan stands out as a phenomenal opportunity to capitalize on and further this growth with its direct water frontage, protected views and large-scale footprint. We look forward to following this purchaser’s vision for the property.”

The JLL Capital Markets team representing the seller was led by Senior Directors Simon Banke and Matt McCormack, as well as Executive Managing Director Joe Judge and Managing Director Anna Schaffer of JLL Brokerage.

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom.

The E.W. Scripps Company (NASDAQ: SSP) is a diversified media company focused on creating connection. As one of the nation’s largest local TV broadcasters, Scripps serves communities with quality, objective local journalism and operates a portfolio of more than 60 stations in 40+ markets. Scripps reaches households across the U.S. with national news outlets Scripps News and Court TV and popular entertainment brands ION, ION Plus, ION Mystery, Bounce, Grit and Laff. Scripps is the nation’s largest holder of broadcast spectrum. Its Scripps Sports division serves professional and college sports leagues, conferences and teams with local market depth and national broadcast reach of up to 100% of TV households. Founded in 1878, Scripps is the steward of the Scripps National Spelling Bee, and its longtime motto is: “Give light and the people will find their own way.” 

Led by visionary developer Stephen Ross, Related Ross is a fully integrated real estate firm with unparalleled expertise in mixed-use development. For more than 25 years, Related has led the transformation of West Palm Beach into one of the nation's fastest-growing cities to live, work, and visit. Related Ross leads the market in Class A office with over 2.8M square feet of existing commercial holdings built and under construction. Known for luxury residential buildings, Related Ross is introducing a new class of rentals and condos to the market, including The Laurel, South Flagler House and Shorecrest. The company also developed and owns the most celebrated destinations in the region including CityPlace – the most visited neighborhood in the City, fostering culture and enriching the community with lush green spaces, a diverse mix of experiential retail and culinary offerings, the largest concentration of public art installed by a private company in Palm Beach County, educational programming and modern residences; as well as Hilton West Palm Beach, RH West Palm and the historic Harriet Himmel Hall. For more information about Related Ross, please visit www.relatedross.com 

Wexford Real Estate Investors is an opportunistic real estate investment, management and development firm based in West Palm Beach, FL. The firm is run by Joe Jacobs and Phil Braunstein, managing a portfolio with market value in excess of $1.4 billion, with a geographic focus on the Florida and the Sunbelt, and investments concentrated in multifamily, condominium and senior housing, as well as select commercial assets (including assets in Palm Beach, FL and Aspen, CO).  The firm has invested in excess of $900 million of equity since 2011. For more information about Wexford Real Estate Investors, please visit https://www.wexfordrei.com/.

Key International is a full-service investment and development firm based in Miami, FL.  Key focuses geographically primarily in Florida and Europe and concentrates its investment focus on residential and hospitality assets. With over $8 billion in real estate transactions since its inception 30 years ago, the firm has developed over 10 million SF of property, including more than 4,000 residential units and 3,000 hotel rooms; Key currently manages a hospitality portfolio with an estimated market value in excess of $2 billion.  For more information about Key International, please visit https://www.keyint.com.