Reuben Brothers and Crown Onyx purchased The Esplanade, a luxury shopping center in Palm Beach, from an affiliate of O’Connor Capital Partners.
O’Connor Capital Partners had bought the property in 2014 for $106 million.
The Esplanade, located at 150 Worth Avenue, features luxury retailers like Carolina Herrera, Emilio Pucci, and Hublot.
Billionaire siblings Simon and David Reuben amped up their presence in Palm Beach, teaming up with Crown Onyx Investments to buy a luxury shopping center.
London-based Reuben Brothers and New York-based Crown Onyx, led by Stanley Chera and Brittany Bragg, bought The Esplanade at 150 Worth Avenue, known for its lineup of luxury retailers including Carolina Herrera, Emilio Pucci and Hublot, a news release states. A spokesperson for the joint venture declined to comment on the purchase price.
The Esplanade is two blocks away from Reuben Brothers’ recently completed The Vineta Hotel, formerly The Chesterfield. The firm and Crown Onyx acquired the 2-acre retail site from an affiliate of New York-based O’Connor Capital Partners, led by Bill O’Connor, which paid $106 million for the property in 2014, records show.
Built in 1979, The Esplanade was among the first luxury shopping centers on Worth Avenue, helping cement the street’s reputation as one of the world’s premier destinations for upscale retail.
Over the last four decades, the Mediterranean-style complex has evolved with Palm Beach’s shifting tastes and clientele. The buyers plan to renovate and enhance the property’s tenant mix and physical environment, positioning The Esplanade as both a retail anchor and social hub for local residents, the release states.
The acquisition coincides with the upcoming grand opening of The Vineta by the Oetker Collection, a German luxury hotel brand. London designer Tino Zervudachi led a top-to-bottom renovation that revitalized the historic Mediterranean Revival building while preserving its character, the release states.
In 2022, Reuben Brothers paid $42 million for the 53-room hotel at 363 Cocoanut Row, records show. The building was completed in 1918.
In addition to The Esplanade and The Vineta, Reuben Brothers’ Palm Beach portfolio includes 259 Worth Avenue, home to Tory Burch and Tiffany & Co. The London-based investors also hold a growing portfolio across South Florida, including ownership of the W South Beach and a 25 percent stake in billionaire Jeffrey Soffer’s JW Marriott Miami Turnberry Resort & Spa.The firm is also planning upgrades to the W South Beach at 2201 Collins Avenue in Miami Beach. Reuben Brothers is seeking approval from the Miami Beach Preservation Board to add a members-only social club, a French bakery and a new beachfront restaurant.
