Class A Palm Beach Office Asset Trades

Financial Center at the GardensCushman & Wakefield brokered the sale of Financial Center at the Gardens, a Class A suburban office building located at 3801 PGA Boulevard.
The Cushman & Wakefield team of Executive Director Mike Davis, Senior Director Michael Lerner, Senior Director Rick Brugge, Director Mark Pateman, and Associate Director Tara England represented the seller, Institutional Investors advised by JP Morgan Asset Management in the transaction.
The buyer was KBS Realty Advisors. With this purchase, KBS now owns a total of 3 South Florida commercial assets, including Emerald View at Vista Center in West Palm Beach and 555 Washington in Miami Beach.  KBS purchased CityPlace Tower, located at 525 Okeechobee Blvd. in West Palm Beach in April 2001 for $126,500,000 and sold it to CPT EQUITY LLC back in August 2014 for $150 million.
Built in 1997, the ten-story, ±188,772 square-foot building sits atop a four-story parking garage and is 92.2 percent occupied. Current tenants include JPMorgan Chase, UBS Financial Services, Morgan Stanley, Fidelity National Title, and RBC Capital Markets.Although the purchase price has not been disclosed, industry experts believe it to be in excess of $60 million. The asset last sold in January 2006 for $77,940,000, according to Palm Beach County records.
The building is adjacent to Downtown at the Gardens, a lifestyle center which features restaurants, retail, and entertainment. This unrivaled location offers easy access to Interstate 95, Florida’s Turnpike, and U.S. Highway 1.
Cushman & Wakefield’s Q1 2015 Palm Beach County Marketbeat Report documented increased investor and user interest in the Palm Beach market.
 

“Office vacancy continues to inch downward, while the lack of available properties under construction means the market will continue to be tight throughout 2015,” reads the report “This, combined with strong macroeconomic forces such as impressive employment growth and strong GDP projections make for a very exciting year ahead for the Palm Beach office market. All told, Palm Beach’s appeal looks to remain robust and far-reaching into the foreseeable future.”

This analysis mirrors the demand witnessed by Davis and the Cushman & Wakefield team.
 

“As the premier office building within its submarket, there was significant and aggressive investor interest in this asset,” said Davis.

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