The $80 Million Deal
NY-based Gatsby Enterprises acquires Divosta Towers in Palm Beach Gardens
Gatsby Enterprises, a New York-based real estate firm led by principal Nader Shalom, and Master Mind LLC, led by Babak Ebrahimzadeh, today announced the $80 million acquisition of the newly constructed state-of-the-art Class A office complex, DiVosta Towers, located at 3825-3835 PGA Boulevard in Palm Beach Gardens. The acquisition includes two 11-story office buildings totaling 220,000 square feet and 889 parking spaces.
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. The South Tower was completed in 2019 and is approximately 70 percent leased, appealing to a variety of legal and accounting firms and financial groups. Among them are JP Morgan and Comiter, Singer, Baseman & Braun, LLP. The North Tower was recently completed this month. The new owners have tapped Jon Blunk at Tower Commercial Real Estate to oversee the leasing for both buildings.
“The quality of construction, design and location make DiVosta Towers the premier assets in Palm Beach County,” stated Isaac Shalom, Gatsby Enterprises. “We are truly excited and honored to be able to own such assets and to continue our growth within South Florida.”
DiVosta Towers is the city’s first new office space in nearly 10 years. Inspired by the Louvre Museum in Paris and constructed by renowned builder, Buz DiVosta, the buildings make a bold statement and are easily recognized by the pyramid-shaped framework on the crowns of each tower.
DiVosta Towers boasts the ultimate in luxury office space with an abundance of amenities for tenants to enjoy. Features include a full-time concierge with controlled elevator access, 10-foot ceilings, floor-to-ceiling impact glass windows, car charging stations, separate tenant controlled air conditioning units for each space, a beautiful ground floor patio that can be used for meetings and events, public art and unobstructed panoramic views from the upper floors. The covered garage provides easy access and reserved parking, convenient to both buildings, with wide aisles and 4:1 parking ratio.
The South Tower offers expansive spec suites that have been completely built out, ranging in size from 2,500-10,000 square feet. The North Tower has 10,000-square-foot floorplates available to be constructed as per tenants’ design.
“I am thrilled to be working with such experienced hands-on owners like the Gatsby team on the best building by far in this market in terms of quality and architectural style,” says Jon Blunk, president, Tower CRE. “DiVosta Towers offers everything one could want in an office address. The buildings’ ideal downtown location means tenants have plenty of restaurants and shops within walking distance. The Palm Beach Gardens market has been asking for a top tier project like this for a long time, and these buildings have been overimproved in every way.”