Investors buy Palm Beach office building for $38M

Blue Water Advisors sold building 20 months after buying it and another property for $38.5M

Miami /
Sep.September 29, 2021 06:00 PM

Spencer Schlager and Charles Rosenberg (Rosemark Management) (Getty Images)

UPDATED, Sept. 29, 11:15 p.m.: A Palm Beach-based investor and a New Yorker heading a real estate investment firm bought a Bankers Row office building for $37.8 million.

Spencer Schlager, a partner in CS Ventures, and Charles Rosenberg, of New York City-based Rosemark Management, bought the property at 440 Royal Palm Way, according to records.

Rosemark is the investment manager and purchaser on behalf of the Arthur G. Cohen Family Office, and its portfolio spans 5 million square feet of residential and commercial assets across the U.S., according to its website.

Blue Water Real Estate Fund I, through an affiliate, sold the building roughly 20 months after paying $38.5 million for the building along with a next-door office property at 450 Royal Palm Way, records show.

The seller is led by private equity firm Blue Water Advisors’ Alex Hufty Griswold and William Whitridge, as well as by Griswold’s brother, Benjamin Griswold. Blue Water has offices in Boca Raton and New York.

The 61,609-square-foot building was constructed in 1986 on 1.4 acres, property records show.

The three-story, all white building with a ground-floor breezeway is near the foot of the Royal Park Bridge that connects Palm Beach to West Palm Beach.

The property is fully leased. Anchored by SunTrust Private Wealth, other tenants include private investment firm RedBird Capital Partners, private equity firm Brightstar Capital Partners, and investment bank and brokerage Stifel.

The financial tenant roster is in line with the area becoming a draw for these kinds of firms in recent years, although some heavy hitters are opting for nearby West Palm Beach.

Billionaire hedge fund manager Paul Singer’s Elliott Management and Goldman Sachs are reportedly in talks or already leasing at Related Companies’ 360 Rosemary in downtown West Palm. Stephen Ross’ Related Companies has bet heavily on the office market there, scooping up two towers and half of the ownership stake in a third, with plans to build another tower.

Still, Palm Beach has seen some big office deals. The seller of the 440 Royal Palm Way building also sold the adjacent 450 Royal Palm Way for $17 million in February.






    Related Articles

    arrow_forward_ios
    Gus Rubio out at Douglas Elliman, months after promotion to president
    Gus Rubio out at Douglas Elliman, months after promotion to president
    Gus Rubio out at Douglas Elliman, months after promotion to president
    IRA Capital makes $16M medical office play in Boca Raton
    IRA Capital makes $16M medical office play in Boca Raton
    IRA Capital makes $16M medical office play in Boca Raton
    AHS Residential’s Ernesto Lopes and AEW Capital Management CEO Jeff Furber (AHS, AEW, Grand Peaks)
    AEW buys multifamily near West Palm, in southern Miami-Dade from AHS for $123M
    AEW buys multifamily near West Palm, in southern Miami-Dade from AHS for $123M
    East End Capital’s David Peretz (left) and Jonathan Yormak, with 100 North Biscayne Boulevard in Miami
    Inside the East End Capital-Australian investor feud over Miami’s 100 Biscayne tower
    Inside the East End Capital-Australian investor feud over Miami’s 100 Biscayne tower
    2714 Sheltingham Drive with Fred and Lora Jean Drasner (Berkshire Hathaway)
    Former New York Daily News co-owner buys Wellington mansion for $5M
    Former New York Daily News co-owner buys Wellington mansion for $5M
    South Florida’s industrial market continues pandemic momentum in Q3
    South Florida’s industrial market continues pandemic momentum in Q3
    South Florida’s industrial market continues pandemic momentum in Q3
    Home sweet home: Sugar baron Alexander Fanjul buys Jupiter house for $5M
    Home sweet home: Sugar baron Alexander Fanjul buys Jupiter house for $5M
    Home sweet home: Sugar baron Alexander Fanjul buys Jupiter house for $5M
    Wheelock pays $106M for The Ben hotel near downtown West Palm Beach
    Wheelock pays $106M for The Ben hotel near downtown West Palm Beach
    Wheelock pays $106M for The Ben hotel near downtown West Palm Beach
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...