RPW Equity, an affiliate of the Greenwich, CT-based insurance company W.R. Berkley Corp., purchased 324 Royal Palm Way in Palm Beach last week for $18 million, or $681 per square foot, according to a deed recorded by the Palm Beach County Clerk's office. The property traded hands on August 5th as 324 Royal Palm Way LLC sold the 26,430-square-foot building. The seller originally bought the building in 2012 for $12.35 million, according to a CIJ report. Mark Pateman of Cushman & Wakefield's West Palm Beach office represented the buyer's side of the deal and has served for several years as the building's leasing agent.
Originally built in 1960, 324 Royal Palm Way is a multi-story office building was nearly 100% leased at the time of sale, with major tenants including U.S. Bank Private Client Reserve, Tiedemann Wealth Management, the Impala Asset Management hedge fund and a law firm, Pillsbury Winthrop Shaw Pittman LLP. The off-market sale marks the third time within five years that the building has changed hands. Pateman described the transaction as "a classic relationship deal. The interests and the stars aligned." Pateman said he will continue as the building's leasing agent and the buyer will provide its own management services.
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