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Bankers Row building changes hands for $18 million

Posted On: 08-06-2015

By Darrell Hofheinz Daily News Real Estate Writer

The U.S. Bank Building at 324 Royal Palm Way on Bankers Row has sold for $18 million, according to a deed recorded Wednesday by the Palm Beach County Clerk’s office.

The off-market sale marks the third time within five years that the building has changed hands. It last sold nearly three years ago for $12.35 million.

A Delaware limited liability company named RPW Equity LLC bought the building, the deed shows. It is affiliated with a real estate investment company backed by the W.R. Berkley Corp., the property casualty insurance firm based in Greenwich, Conn., said commercial broker Mark Pateman of Cushman & Wakefield’s West Palm Beach office. He represented the buyer’s side of the deal.

The companies behind the buyer are also linked ito CPT Equity LLC, which owns downtown West Palm Beach’s CityPlace Tower. CPT Equity paid a recorded $150 million for that Class A office building at 525 Okeechobee Blvd. last year.

The seller of the 25,068-square-foot building on Royal Palm Way was a Florida entity, 324 Royal Palm Way LLC, which is controlled by Armata Holdings Management Corp. Palm Beach businessman Alexander Hufty Griswold signed the deed as president of the latter company.

The building was being marketed not for sale when it sold, Griswold said Thursday.

“We were approached,” he said, adding that Pateman brought the buyer to the negotiating table.

Pateman has served for several years as the building’s leasing agent and said he will continue in that role. The buyer will provide its own management services, he said.

When Griswold’s company bought the building, it had been extensively renovated by the previous ownership — the private real estate firm SteepRock Capital LLC of New York City and Boston-based Rockpoint Group LLC, a real estate private-equity firm. Those two companies had bought it in foreclosure in September 2010, made improvements and grew the tenant base to about 85 percent occupancy, Griswold said.

The building is nearly 100 percent leased, Griswold said Thursday. Its anchor tenant is U.S. Bank Rivate Client Reserve. Other major tenants include offices of Tiedemann Wealth Management, the Impala Asset Management hedge fund and a law firm, Pillsbury Winthrop Shaw Pittman LLP.

 

Source: Darrell Hofheinz, August 6, 2015, Palm Beach Daily News

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