The property, one of Palm Beach County's premier office buildings, is located in a visible site at 3801 PGA Blvd. at the northeast corner of PGA Boulevard and A1A, adjacent to the Gardens Mall. The 10-story property will be renamed the Financial Center at the Gardens, due to the building's strong tenant roster of financial services firms.
The Financial Center, built in 1997 for $51 million, was originally was designed as a the headquarters for a national corporation and now houses several financial services firms, including a regional office for UBS; the headquarters of Asset Management Advisors, the private wealth management division of SunTrust; Virtual Bank, a subsidiary of Lydian Private Bank; and Rendina Cos., a national real estate developer.
The building's first-class amenities include valet parking, on-site security, a coffee shop and concierge services. The building also has large office floor plates, with floors ranging from 21,000 sf to 42,000 sf. Several floors have back-up generator power and heavy floor loads. The property also includes a four-story, in-building garage, with space for 735 cars.
"Financial Center at the Gardens is the prime office asset in one of South Florida's hottest property markets," Richard Segal, president of Seavest Inc., says in a statement. "We're confident that the excellent demographics in the PGA corridor, together with a truly superior asset and location, bode well for a very successful investment."
The acquisition is Enterprise Asset Management's first South Florida investment. "The combination of excellent real estate fundamentals, high-quality sponsorship and long-term growth trends in the marketplace made the Financial Center at the Gardens a compelling investment opportunity," says Jeffrey Walker, chief operating officer of Enterprise Asset Management.
NAI/Merin Hunter Codman will be managing the leasing of the building for its new owners.
Seavest, a private investment banking and wealth management firm based in White Plains, NY, also recently developed the nearby Fairway Office Center, a 250,000-sf, three-building, class A office complex at the entrance to the PGA National Resort and Spa.
Enterprise Asset Management, based in New York City, is a family-run business established in 1968 to develop, acquire and manage real estate in the US.
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