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Partnership Pays $43M for Class A Office Property

PALM BEACH GARDENS, FL-Seavest Inc. and Enterprise Asset Management Inc. bought the 189,000-sf property at 3801 PGA Blvd. from a limited partnership, of which real estate developer Bruce Rendina is the general partner. The building, with many financial tenants, is being renamed the Financial Center at the Gardens.

By Melissa Bogdany | Updated on November 26, 2003

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.

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