The Real Deal Miami

West Palm office building valued at $60M sells

Investment group is expanding SoFla holdings
April 30, 2015 12:00PM

The office building at 3801 PGA Boulevard

The office building at 3801 PGA Boulevard

A 10-story office building in West Palm Beach, valued by some industry experts at more than $60 million, was just sold to a California-based investment group.

The Financial Center at the Gardens, at 3801 PGA Boulevard, was built in 1997. It is 188,772 square feet, sits on a four-story parking podium and is more than 90-percent occupied.

The building’s tenants include: JPMorgan Chase, UBS Financial Services, Morgan Stanley, Fidelity National Title and RBC Capital Markets.

It was sold by a group of institutional investors, who were advised by JP Morgan Asset Management, according to a release. Palm Beach property records show the owner as 3801 PGA Acquisition Company, whose directors are Alfred Dort, Kimberly Adams, Ann Cole, Douglas Schwartz and Benjamin Gifford, who are executives with JP Morgan Asset Management.

The group was represented by Mike Davis, Michael Lerner, Rick Brugge, Mark Pateman and Tara England of commercial brokerage Cushman & Wakefield.

KBS Realty Advisors, based in Newport Beach, California, was the buyer.

The firm describes itself as one of the largest buyers of commercial real estate in the country. A West Palm office building KBS bought in 2011 for $127 million was put up for sale last year, and the firm owns another commercial property on Washington Avenue in Miami Beach. — Sean Stewart-Muniz