Another leading commercial and office building changed hands on the main thoroughfare that Palm Beach residents have long called Bankers Row.
The U.S. bank building at 324 Royal Palm Way sold for $ 18.5 million, according to a deed filed Thursday by the Palm Beach County Clerk’s Office.
The buyer was CSPB 324 LLC, a Florida limited liability company with a New York address and under the control of Rosemark Management Inc., according to the deed. Covering 25,068 square feet, the building sold for $ 738 per square foot.
The building is at least the fifth property sold on Royal Palm Way since the start of the year.
Directly across from the Mandel Recreation Center playground, the building last changed hands for $ 18 million in 2015, according to courthouse records.
From the archives: Bankers Row building at 324 Royal Palm Way changes hands for $ 18 million
The building was sold this week by a Delaware limited liability company named RPW Equity LLC. This entity is affiliated with a real estate investment company backed by WR Berkley Corp., the property and casualty insurance company headed by CEO William R. Berkley and based in Greenwich, Conn.
Richard Baio signed the deed on behalf of the seller. Baio is executive vice president and treasurer of RPW LLC.
The companies related to the seller are affiliated with CPT Equity LLC, which also owns the CityPlace Tower in downtown West Palm Beach. CPT Equity paid $ 150 million for this Class A office building at 525 Okeechobee Blvd. in 2014.
The seller in this week’s deal bought the building in 2015 from an investment group affiliated with Palm Beach businessman Alexander Hufty Griswold, who renovated it through his Armata Holdings Management Corp. . In February, Griswold was part of another investment group that sold a landmark, six-story office building down the street at 450 Royal Way – immediately east of the Royal Park Bridge – for $ 17 million at 450 RPW LLC.
At 324 Royal Palm Way, the main tenant of the building is US Bank Private Client Reserve. Other significant tenants include the offices of Tiedemann Wealth Management and hedge fund Impala Asset Management.
Other sales on Bankers Row
The street is nicknamed Bankers Row because it has housed a number of financial institutions.
In early January, the Iberia Bank building at 180 Royal Palm Way was sold as in a $ 26 million deal which included several properties nearby. An entity affiliated with the Palm Beach-based Frisbie Group was the majority investor who purchased the bank building, a commercial building at 301 S. County Road, two parking lots on Brazilian Avenue and a vacant lot. The Frisbie Group partners in the deal were entities associated with ophthalmologist Dr. Stephen F. Sullivan and his wife, Marcia.
At the end of January, a company controlled by developer Todd Michael Glaser paid recorded $ 3.85 million for approximately one-quarter acre vacant land at 204 Royal Palm Way, immediately east of the building which has just been sold. Glaser has announced plans to build a three-story office building there.
In the February sale involving Griswold at 450 Royal Palm Way, the seller, BWREFI Royal Palm Way LLC, was affiliated with a joint venture between Griswold and Waypoint Florida LLC. The latter entity included his brother, Benjamin H. Griswold, and his half-brother, William Whitridge. The buyer was 450 RPW LLC, a limited liability company.
In April, an affiliate of Palm Beach resident and businessman Robb E. Turner sold a building at 218 Royal Palm Way for $ 8.5 million. It was bought by a limited liability company named 218 Holdings LLC.
Royal Palm Way is ranked # 8 among the most expensive streets in the country for renting commercial space, according to research from JLL, formerly Jones Lang LaSalle, a Chicago-based global real estate company.
This is a developing story. Check back for updates.