DiVosta family sells Palm Beach Gardens office towers for $80M

Buyers paid $126M for Brickell office tower last year

TRD MIAMI /
Sep.September 28, 2020 12:30 PM
The Palm Beach Gardens office towers

The Palm Beach Gardens office towers

Investors Nader Shalom and Babak Ebrahimzadeh paid $80 million for the DiVosta Towers in Palm Beach Gardens, marking one of the biggest office sales to close in recent months.

The DiVosta family sold the two 11-story Class A Towers at 3825 to 3835 PGA Boulevard to Gatsby Enterprises and Master Mind, according to a press release.

The two buildings, completed in 2019 and last month, are the first new office buildings to be delivered in Palm Beach Gardens in about a decade.

Shalom, also known as Nader Ohebshalom, leads Gatsby Enterprises. His family has been involved in Manhattan real estate for about 50 years, and his brother is Fred Ohebshalom, CEO and founder of Empire Management. Ebrahimzadeh leads Master Mind.

Otto “Buz” DiVosta, a longtime South Florida homebuilder, bought the 7-acre construction site in 2015 for $8.5 million.

The south tower features built-out spec suites ranging from 2,500 to 10,000 square feet, and the north tower has 10,000-square-foot floor plates available, according to the release.

Jon Blunk at Tower Commercial Real Estate will oversee leasing for both buildings, according to the release. Annual offices rents are $38 and $39 per square foot, according to an online listing.

Last year, Gatsby Enterprises and Master Mind bought 800 Brickell for $125.5 million. It was one of the largest office deals of the year.

The sale of the DiVosta Towers comes as the rise of remote work puts cash flows for U.S. office real estate investment trusts at risk in the near and long term. The pandemic has drastically changed the way CEOs around the globe see the future of work. In one recent survey, more than two-thirds said they may reduce their office footprint in the coming years.

Few office buildings have sold since the pandemic started. In September, Banyan Street Capital paid a discounted $43 million for a Doral office complex.


Related Articles

arrow_forward_ios
UDT CEO Henry Fleches and Midtown Capital CEO Alejandro Velez with 2900 Monarch Lakes Boulevard (Miramar Parks & Rec, Midtown Capital, Cushman & Wakefield)

Midtown Capital Partners buys Miramar office center for $23M

Midtown Capital Partners buys Miramar office center for $23M
Despite record high office vacancies across South Florida, average asking rates hit new highs

South Florida Q3 office rents hit record high, despite higher vacancies

South Florida Q3 office rents hit record high, despite higher vacancies
Tere Blanca and the Aventura office complex (Credit: Google Maps)

Aventura office complex Optima inks new leases

Aventura office complex Optima inks new leases
2290 and 2328 10th Avenue N, Lake Worth

Lake Worth Beach office buildings sell for $11M

Lake Worth Beach office buildings sell for $11M
Blackstone's Jonathan Gray and Stephen Schwarzman (Getty, iStock)

Blackstone to open office in South Florida

Blackstone to open office in South Florida
From left: Chris Maling, Donald K. DeWoody Jr., David Maling, and Alfredo Sanchez

North Palm Beach mixed-use property hits the market for $45M

North Palm Beach mixed-use property hits the market for $45M
Pablo Cejas, Bill Kerdyk, and 147 Alhambra Circle

Pablo Cejas adds to downtown Coral Gables assemblage

Pablo Cejas adds to downtown Coral Gables assemblage
Dan Azel with 8900 Southwest 107th Avenue and 10700 Southwest 88th Street (Credit: Google Maps)

Construction honcho pays $17M for Kendall office buildings

Construction honcho pays $17M for Kendall office buildings
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...