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 luxury retailers such as Carolina Herrera, Emilio Pucci, and Hublot, and has played a key role in establishing Worth Avenue as a premier destination for upscale shopping since its construction in 1979.
O’Connor Capital Partners previously purchased the property for $106 million in 2014. Over the years, The Esplanade has adapted to changing tastes and clientele while maintaining its Mediterranean-style architecture. The new owners plan to renovate the property and enhance its tenant mix and physical environment, aiming to position it as both a retail anchor and social hub for local residents.
The transaction comes ahead of the grand opening of The Vineta by the Oetker Collection, a luxury hotel recently completed by Reuben Brothers two blocks away from The Esplanade. London designer Tino Zervudachi led renovations on the historic building at 363 Cocoanut Row, which was originally completed in 1918. Reuben Brothers acquired this hotel for $42 million in 2022.
In addition to these properties, Reuben Brothers’ portfolio in Palm Beach includes 259 Worth Avenue—home to Tory Burch and Tiffany & Co.—as well as holdings across South Florida such as ownership of W South Beach and a stake in JW Marriott Miami Turnberry Resort & Spa. Plans are also underway for upgrades at W South Beach that would add new amenities including a members-only social club.
