Partnership Pays $43M for Class A Office Property

PALM BEACH GARDENS, FL-Seavest Inc. and Enterprise Asset Management Inc., two private equity investment groups based in New York, have acquired a 189,000-sf, class A office property here for $43 million. The price equates to approximately $227.51 per sf. The seller is a limited partnership, of which local real estate developer Bruce Rendina is the general partner.

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.