Gatsby FL Purchases 7-Acre Site for New 200,000 SF Mixed-Use Development in Palm Beach Gardens, CBRE Tapped to Lease Property

CBRE has facilitated the purchase of a seven-acre site for the development of PGA Tower, a 200,000-square-foot Class A mixed-use property in Palm Beach Gardens, Fla.

Chris Smith with CBRE and Darryl Kaplan of Darryl R Kaplan Company represented the buyer, Gatsby FL, who also owns and operates DiVosta Towers in Palm Beach Gardens and 800 Brickell in Miami. CBRE’s Smith will be leasing the property along with CBRE’s John Criddle and Joe Freitas.

Located near the intersection of PGA Boulevard and RCA Boulevard, the eight-story building will include column-free 25,000-square-foot floor plates, fine dining restaurants, 7,000 square feet of quick-serve restaurants and retail, a tenant fitness center, and 1,000 covered garage parking spots along with EV charging stations. It will feature 10-foot floor-to-ceiling windows, hurricane-resistant glass, full generator back-ups, and building top signage.

Gatsby anticipates tenant delivery beginning in Q1 2024.

“Since we purchased 800 Brickell and DiVosta Towers, we understand what tenants’ requirements are and how they evaluate next level spaces. Our design team is curating a state of art design addressing post pandemic needs. It’s important to us that we develop something that tenants appreciate and recognize to be apart from the competition,” said Babak Ebrahimzadeh, President of Gatsby FL.

“We are proud to embark on another commercial development in Palm Beach Gardens. Given our success with the DiVosta Towers, we are excited to launch another Class A luxury office development in this top-tier market. There is so much demand and a shortage of quality Class A product in this market, it is important to us that we deliver something to be proud of for the next 50 years,” added Isaac Shalom, Vice President of Gatsby FL.

“Gatsby FL recognized the opportunity to take this project and provide a new premier office building to serve tenants who are flocking to quality office space. The property will be surrounded by an exceptional mix of shopping, dining, housing, world class golf courses, and entertainment which will provide an attractive live, work and play lifestyle,” said Chris Smith, a Vice President with CBRE.

About Gatsby FL, LLC

Gatsby FL is a development, investment and management company based in Miami, Florida. Gatsby has been family owned and operated for over 40 years. Led by a team of seasoned professionals, Gatsby prides itself on quality self-management of its commercial office, retail, hospitality, and multifamily properties. Gatsby is always welcoming new opportunities in Florida in both the commercial and residential sectors. For more opportunities, please send to [email protected]