The Real Deal Miami

W.R. Berkley nabs Palm Beach offices for $18M

Armata Holdings sold the 26,430 sf building

August 06, 2015 02:15PM
By Katherine Kallergis

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324 Royal Palm Way

324 Royal Palm Way

Palm Beach’s 324 Royal Palm Way has traded hands for $18 million, according to a deed recorded in Palm Beach County on Wednesday.

Armata Holdings sold the nearly 1-acre property. An LLC tied to W.R. Berkley Corporation, was the buyer.

The company is a publicly traded, Fortune 500 commercial lines property casualty insurance provider based in Greenwich, Connecticut.

The 26,430-square-foot office building was constructed in 1960, according to Palm Beach County property records. Rockpoint Group and Steeprock Capital sold the property for $12.35 million in 2012 to Gulfstream Investment Partners, which is now Armata Holdings.

In W.R. Berkley’s 2014 annual report, it listed the planned August 2015 sale of an office building in West Palm Beach. Its stock was trading at $55.80 as of Monday morning.

In August 2014, the company paid $150 million for the CityPlace Tower at 525 Okeechobee Boulevard in West Palm Beach.