Fortress Investment Group continues its focus on real estate with a recent acquisition on Southern Florida’s Palm Beach. The east coast version of Beverly Hills is known for its iconic Worth Avenue building. It is the home of Tiffany and Co. and now the newest property of Fortress Investment Group. The innovative management firm has made a lot of news this past year, and its recent slew of development projects show it is not finished yet.
Fortress Investment Group began life as a small private equity firm. It opened its doors in 1998 and over the next few decades grew into a worldwide asset manager with fingers in every pie imaginable. Fortress expanded its holdings into real estate, technology, retail, and even transportation. It set itself apart by looking beyond the initial investment into the future. A future founders Wes Edens, Randal Nardone, and Rob Kauffman were more than equipped in creating.
Last year Fortress was bought out by Japanese conglomerate Softbank for a whopping multi-billion dollar price tag. The acquisition made a lot of headlines with many wondering where Fortress was going. Softbank’s purchase left the company more or less the same. It just recreated Fortress as a subsidiary. Not soon after Fortress Investment Group announced a huge development in New York’s Times Square. Now, it is turning its gaze to Palm Beach. Read more reviews about Fortress Investment Group at indeed.com
Fortress’ purchase of Worth Avenue seems to be just that. Tiffany and Co. remain in residence with the only difference being the construction of grade A office space on the second floor. However, if Fortress’s track record is any indication this may be the first step towards something bigger. The building was purchased for $20 million dollars. It sits across the street from the Chanel store on the corner of Hibiscus and Worth. Palm Beach is well known for its high-quality retail and 259 Worth is almost a landmark.
The building was constructed in 1950 and is 16,374 sq.ft. The space includes two stories. Its purchase is parallel to Fortress ongoing work with the Brightline passenger rail line. The company was purchased by Fortress in a deal headlined by Wes Edens. Currently, it connects Miami with West Palm Beach.