Office Space is in Demand in Palm Beach Gardens

Office Space is in Demand in Palm Beach Gardens

In September, the DiVosta Towers office complex in Palm Beach Gardens reportedly sold for $80 million to Gatsby Enterprises of New York. The property has the distinction of being Palm Beach Gardens’ first new office complex in the last decade. The recent sale may be an indication that office space is in demand in Palm Beach Gardens.

The DiVosta Towers

The DiVosta Towers are two eleven-story towers located at Alternate A1A, and Kyoto Gardens Drive on 6.6 acres, with 220,000 square feet of office space, close to The Gardens Mall. The Class-A luxury office spaces feature iconic pyramid designs on the top of the tower structures, floor-to-ceiling impact glass windows, car charging stations, and a full-time concierge with controlled elevator access.

Nadar Shalom leads Gatsby Enterprises, and the DiVosta Towers complex was acquired in partnership with Master Mind LLC, led by Babak Ebrahimzadeh. According to reports, DiVosta Towers was reportedly 70% leased at the time of sale with tenants. The building’s first tower opened in 2019. Its current tenants include top financial, law, and professional service firms, including JP Morgan and the law firm Comiter, Singer, Baseman & Braun LLP. Palm Beach Sherriff Ric Bradshaw is also leasing a floor of one tower over a four-year-term while the Palm Beach Sherriff’s Office building is being renovated.

DiVosta Towers was built by Otto “Buz” DiVosta, a real estate developer and builder. Isaac Shalom, a manager with Gatsby Enterprises, recently commented that Gatsby was attracted to the area because of the growing population in Palm Beach County. “The quality of construction, design, and location make DiVosta Towers the premier assets in Palm Beach County.”  He went on to say that “We are truly excited and honored to be able to own such assets and to continue our growth within South Florida.” Shalom described DiVosta as being “beautiful, well-designed and very well built” and as “a premier asset in a premier market.”

According to Shalom, the still-unfinished north tower will not have the four-office-per-floor build-out. Instead, Gatsby intends to allow larger tenants to determine their own design. “We are targeting full floor, or at a minimum, half-floor tenants,” Shalom said. “We are going to build it as they would like it to be.”

Gatsby was already hearing from potential tenants before the sale closed. According to Shalom, these tenants might have been considering a move or expansion to South Florida, but with the pandemic, many are looking to move sooner. According to reports, the DiVosta transaction reflects strong continued interest in high-end real estate in Palm Beach County.

At Rabideau Klein, Guy Rabideau, Esq. and David E. Klein, Esq. are dedicated, Florida Bar Board-Certified Real Estate Attorneys with the local expertise and experience you need to ensure your interests are protected during your Palm Beach County real estate transaction. Contact Rabideau Klein today to discuss your real estate legal needs.

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