A local commercial broker recently negotiated the sale of the top floor of a three-story office building in Wilmington for $1 million, according to an announcement Thursday.

Hank Adams, a broker with Coldwell Banker Commercial SunCoast, represented the seller, the Taylor family, in the sale of the top floor of 1430 Commonwealth Drive to RWH Properties LLC. 

The Taylor family formerly owned Walker Taylor Life Insurance, a Wilmington-based insurance company dating back to 1866 that has occupied 1430 Commonwealth Drive since it was first constructed in 1995, the release said. As a result, the structure, near the intersection of Military Cutoff and Eastwood roads, has been referred to as the “Walker Taylor Building” for many years.

In 2009, Walker Taylor Insurance was acquired by Arthur J. Gallagher & Co., a global, publicly traded insurance firm, according to the release. With the acquisition, the local firm retained its management team, employees and office location at 1430 Commonwealth.

Arthur J.  Gallagher & Co. will continue to occupy the same office space via a long-term lease negotiated with RWH Properties LLC, the release said.

The third floor of the building, where Coldwell Banker Commercial SunCoast occupies offices on the first floor, features 8,000 square feet of space. The space is divided into three: a 3,624-square-foot unit occupied by Arthur J Gallagher & Co; a 1,602-square-foot unit leased by Atlantic Speech Therapy; and a third, vacant unit offering 2,711 square feet, which is currently available for lease, the release said. 

David Thompson of United Management Group represented RWH Properties in the sale.