Banker’s Row office building in Palm Beach sells for $17M

Seller also owns the building next door

450 Royal Palm Way and the buyer H. William Perry. (Google Maps, Gunster)
450 Royal Palm Way and the buyer H. William Perry. (Google Maps, Gunster)

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.

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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.