New Yorkers Buy Palm Beach Gardens' DiVosta Office Towers for $80M
The twin-tower complex is the first new office space built in Palm Beach Gardens in nearly a decade.
A New York family firm made its second major South Florida office investment, buying the newly built DiVosta Towers in Palm Beach Gardens for $80 million.
Gatsby Enterprises, led by principal and chairman Nader Shalom, bought the twin towers from project developer Gardens Corporate Center LLC on Friday. Gatsby made the purchase in partnership with New York-based Master Mind LLC, led by Babak Ebrahimzadeh, who has ventures in fashion and real estate.
Gatsby’s Isaac Shalom said the company was drawn to the property for several reasons.
“The quality of construction, design and location make DiVosta Towers the premier assets in Palm Beach County,” he said in a news release.
The 11-story DiVosta Towers total 220,000 square feet and sit on either side of a four-story, 889-space garage. The seven-acre property is on the northeast corner of PGA Boulevard and Alternate A1A at 3825-3835 PGA Blvd. The purchase price breaks down to $364 per square foot.
The complex is between Interstate 95 and The Gardens Mall and Downtown at the Gardens shopping center. A Whole Foods is within walking distance.
Cathy and Guy DiVosta are among the Gardens Corporate Center company managers, according to state corporate records.
The developer bought the site in 2015 for $8.5 million and developed DiVosta Towers, finishing the South Tower last year and the North Tower in September.
This is the first major new office built in Palm Beach Gardens in nearly a decade.
Its distinguishing architectural trait is its pyramid-topped structures on both towers, a design element inspired by the Louvre Museum in Paris.
Amenities include car-charging stations, a ground-floor patio, public art and tenant controlled air-conditioning units for each space.
The South Tower is 70% leased and offers built-out spec suites from 2,500 square feet to 10,000 square feet. Space can be built to suit future tenants in the North Tower, which has 10,000-square-foot floor plates.
Jon Blunk, president at Tower Commercial Real Estate, is the leasing agent for both buildings.
“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,” he said in a news release. “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.”