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Florida & Gulf Coast  + Office  |  September 28, 2020
David Cohen
By: David Cohen

Gatsby Enterprises Acquires Palm Beach Gardens Office Complex for $80M

New York-based real estate firm Gatsby Enterprises has acquired DiVosta Towers, a 220K-SF office complex in Palm Beach Gardens. The sales price was $80 million.

Located at 3825-3835 PGA Blvd., the Class A office complex consists of two 11-story office buildings and 889 parking spaces. The South Tower was completed in 2019 and is approximately 70 percent leased to a tenant roster that consists of JP Morgan and Comiter, Singer, Baseman & Braun, LLP. The North Tower was completed in September. Jon Blunk at Tower Commercial Real Estate has been tapped to oversee the leasing for both buildings.

The Seller, Gardens Corporate Center LLC, acquired the seven-acre site in early 2015 for $8.5 million and spent the past five years constructing both towers along with the four-level parking garage.

For comments, questions or concerns, please contact David Cohen

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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