A six-story office building on Palm Beach’s Banker Row sold for $17 million, a little over a year after the seller purchased it.
Records show BWREFI Royal Palm Way LLC, a Delaware corporation signed by Alexander H. Griswold, sold the building at 450 Royal Palm Way to 450 RPW LLC.
H. William Perry, CEO and managing shareholder of Florida-based law firm Gunster, manages the buying entity. The entity borrowed $8 million from United Bank to finance the purchase, according to Palm Beach County records.
Griswold, the seller, runs Palm Beach-based investment firm Armata Holdings Management Corp., which bought a mixed-use property in 2018 from a Palm Beach attorney who was allegedly involved in a $50 million EB-5 fraud scheme.
Built in 1962, the office building totals 25,316 square feet. The selling entity purchased the building, along with neighboring 440 Royal Palm Way, in a $38.5M deal just a year ago. Property records show it still owns the other building.
In 2018, Crocker Partners sold an office building on Banker’s Row for $14.8 million. And in the previous year, a real estate company bought a building for $9.2 million.