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 expands the presence of billionaire siblings Simon and David Reuben in Palm Beach’s high-end real estate market. The Esplanade features luxury retailers such as Carolina Herrera, Emilio Pucci, and Hublot, making it a notable destination for upscale shopping.
O’Connor Capital Partners previously bought the property in 2014 for $106 million. Built in 1979, The Esplanade was among the first luxury shopping centers on Worth Avenue and has played a role in establishing the street’s reputation as a premier location for luxury retail. Over time, the Mediterranean-style complex has adapted to changing tastes and clientele in Palm Beach.
The new owners plan to renovate The Esplanade and enhance its tenant mix and physical environment. According to the release, these improvements aim to position the property as both a retail anchor and social hub for local residents.
The acquisition comes ahead of the grand opening of The Vineta by the Oetker Collection, a German luxury hotel brand. Located two blocks away from The Esplanade, The Vineta recently underwent extensive renovations led by London designer Tino Zervudachi. In addition to these properties, Reuben Brothers’ portfolio includes other holdings on Worth Avenue and across South Florida.
