New Owners Plan Facelift for Golden Bear Plaza

PALM BEACH GARDENS, FL-The new owners of Golden Bear Plaza, a 248,879-sf office complex in the city, have started a multimillion-dollar facelift to the property. BPG Investment Partnership VI, a $384-million private equity fund sponsored by pension fund adviser Berwind Property Group Ltd. of Philadelphia, paid $32.3 million, or approximately $129.58 per sf, for the property in December.

The three-building complex is located on more than 10 acres just north of PGA Boulevard on U.S. Highway 1.

The $6 million in planned renovations include both building and office fit-out, and is expected to add to the prestige of the location known as a premier South Florida office address. The property features include office penthouses with 300-sf terraces, intracoastal and ocean views, reflecting pools with fountains, 100-year old Oak trees and the City Club dining/social club. The complex also has underground parking that connects the three six-story buildings.