Berkadia has arranged a $118.6 million loan on behalf of Gatsby Florida for the construction of The Palm, Palm Beach Gardens, the only new construction, Class A office and retail property located north of West Palm Beach in Palm Beach Gardens.
Upon completion in 2028, the eight-story, approximately 200,000-square-foot development will deliver premier office and retail space to the PGA corridor in northern Palm Beach County, where there are no other new office projects in the pipeline. Construction is scheduled to begin August 2026.
Gatsby Florida selected the Berkadia team led by Senior Managing Director Charles Foschini, Managing Director Scott Wadler and Associate Director Shannon Wilson, who secured the three-year, floating-rate, interest-only construction loan through Cirrus Real Estate Partners.
Gatsby Florida is a best-in-class owner, operator and developer focused on Class A assets in Class A locations. The Palm, Palm Beach Gardens will be the second and newest trophy asset in Gatsby Florida’s portfolio, joining the fully leased and recently refinanced DiVosta Towers. Both offer much-needed quality office space to the PGA corridor, one of Florida’s strongest and fastest-evolving office markets.
“Palm Beach Gardens is an exceptional live-work-play market which has attracted best-in-class tenants, and The Palm, Palm Beach Gardens will add to that resumé as the only new Class A property in the PGA corridor,” said Darryl Kaplan of Darryl R. Kaplan Company, who oversees leasing at Gatsby Florida. “It will provide an elegant working environment that does not exist today in the area.”
“The Palm represents the continued evolution of Palm Beach Gardens as a premier corporate destination,” said Foschini. “As financial services firms, family offices and other sophisticated businesses continue expanding into Palm Beach County, demand is extending beyond downtown West Palm Beach into nearby submarkets that offer an exceptional quality of life while remaining highly connected. New institutional-quality office development remains extremely limited, and Gatsby Florida’s proven success with DiVosta Towers gave lenders confidence in both the sponsorship and the long-term fundamentals supporting this project.”
“While many office markets across the country continue to face headwinds, Florida remains a notable exception,” added Wadler. “Lenders are highly disciplined today, but they continue to pursue well-conceived office projects in markets supported by strong population growth, corporate relocations and limited new supply. Palm Beach County exemplifies those fundamentals, and Gatsby Florida’s proven execution gave lenders the confidence to finance one of the region’s next generation of trophy office developments.”
“Palm Beach Gardens continues to be one of the strongest office markets in South Florida,” added Jon Blunk, president TCRE, which is handling leasing for The Palm, Palm Beach Gardens. “The PGA Boulevard corridor has a deep executive base, strong demographics and an established roster of high-quality companies, with limited new Class A office supply. The Palm will build on the strength of that market and deliver a new level of office product along the PGA corridor.”
Located at 11200 RCA Center Drive, The Palm, Palm Beach Gardens will feature over 200,000 square feet of Class A office space with efficient 25,000-square-foot floor plates, 10-foot floor-to-ceiling glass, state-of-the-art building systems, hurricane-impact glazing and full-building generator backup to provide operational resilience for today’s corporate users. The development will also include approximately 30,000 square feet of ground-floor retail and restaurant space, an 838-space structured parking garage with EV charging stations, a rooftop terrace, conference facilities, a fitness center and prominent monument and building signage opportunities.
The Palm is the centerpiece of PGA Station, a mixed-use neighborhood that includes 1,200 newly developed apartments, and which will contain the future Tri-Rail and Brightline stop for Palm Beach Gardens.
“We strive to provide the best office environment for today’s users,” said Babak Ebrahimzadeh, President of Gatsby Florida. “From design to quality and finishes, our goal is for The Palm, Palm Beach Gardens to become known throughout South Florida as a premier office building. We’ve already seen strong leasing momentum from some of the country’s top firms, and we expect that to continue as we deliver the building over the next 24 months.”
“This development represents the next frontier in Gatsby Florida’s evolution, which began with the development of 800 Brickell,” said Isaac Shalom, Vice President of Gatsby Florida. “The Palm, Palm Beach Gardens sets a new standard for office buildings in South Florida. By developing a high-quality asset in this strategic location, with convenient access to I-95 and Alternate A1A, we’re giving users an accessible workplace without sacrificing quality. We’ve had great success with leasing thus far, and we’re looking forward to welcoming more tenants to the building.”
Prominently positioned along PGA Boulevard with immediate access to Interstate 95, The Palm, Palm Beach Gardens is strategically located within the rapidly expanding northern Palm Beach County business corridor. As office demand continues to spread north from West Palm Beach, the location offers companies access to an executive-oriented lifestyle that combines premier residential communities, championship golf, luxury hospitality and abundant retail amenities. Tenants will be within minutes of more than 2.5 million square feet of surrounding retail, including The Gardens Mall and Downtown at the Gardens, a 130,000-square-foot Life Time fitness facility directly across the street, PGA National Resort & Spa and Palm Beach International Airport.
Institutional Property Advisors (IPA), a division of Marcus & Millichap dedicated to serving the company’s institutional clients, announced the sale of Millennium Plaza at Hallandale, a nine-story, 139,245-rentable-square-foot multi-tenant office and mixed-use building in Hallandale Beach.
The property sold for $40 million.
Douglas Mandel, IPA executive managing director investments in Fort Lauderdale, and Aik Aliferis, IPA executive managing director investments based in Toronto, Canada, in association with Ryan Nee, Marcus & Millichap’s broker of record in Florida, executed the sale on behalf of the principals.
“The asset caters to a mix of professional, medical, and service-oriented tenants with flexible suite sizes ranging from approximately 1,200 square feet to 17,000 square feet, which is ideal for healthcare professional services and government users,” said Mandel. “Demand for assets like Millennium Plaza led to an at least 70 basis point decrease in office vacancy in Hallandale and other Broward County cities last year.”
Aliferis stated: “Commercial real estate investors in Canada seeking American office sector assets find IPA to be an excellent conduit for capital. In this case, a Canada-based investor partnering with an investor based in Chicago identified the Hallandale market as an up-and-coming submarket with dynamic growth potential and Millennium Plaza at Hallandale as an asset with long-term redevelopment potential. The transaction exemplifies how IPA’s longstanding culture of collaboration and market reach across international borders creates value for clients.”
Constructed in 1974 on over three acres, Millennium Plaza has direct frontage on Hallandale Beach Boulevard/Florida State Route 858. Hollywood South Central Beach and U.S. Route 1 are close by, and Fort Lauderdale-Hollywood International Airport is within a short drive.
https://sfoba.com/wp-content/uploads/2026/08/Millennium-Plaza-at-Hallandale_Original-Photo-Provided-by-Marcus-Millichap-800x533-1.jpg533800SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2026-08-30 18:43:502026-08-30 18:43:50Institutional Property Advisors Facilitates Broward County Office, Mixed-Use Asset Sale
A confidential tenant has leased 24,653 square feet of office space at 5201 Congress Avenue in Boca Raton.
The triple-net lease carries a 130-month term, giving landlord Mainstreet Capital Partners a long-term tenant commitment at the property. The lease rate was reported at $28 per square foot.
Joseph Freitas of CBRE represented Mainstreet Capital Partners in the negotiations. The tenant was represented by Greg Katz, Carlyle Coffin and Dean Katz of Stream Realty Partners.
The transaction closed May 20, 2026, according to Traded.
Key Facts
Property: 5201 Congress Avenue, Boca Raton
Space leased: 24,653 square feet
Tenant: Confidential
Landlord: Mainstreet Capital Partners
Lease structure: Triple net
Lease term: 130 months
Reported rate: $28 per square foot
Landlord representative: Joseph Freitas, CBRE
Tenant representatives: Greg Katz, Carlyle Coffin and Dean Katz, Stream Realty Partners
Butters Construction & Development, Inc. (Butters), and PEBB Enterprises, two Boca Raton–based real estate firms with deep roots in the community, along with Konsker Development, are partnering to develop One Midtown, a brand-new Class A office project in one of the city’s most sought-after commercial districts.
Designed to accommodate today’s evolving workplace needs, One Midtown will feature efficient floor plates, high-end finishes and street-level retail that enhances the walkability and vibrancy of the surrounding neighborhood.
One Midtown will include more than 120,000 square feet of Class A office space, along with over 11,000 square feet of ground-floor retail, designed to meet the growing demand for modern, high-quality office environments in Boca Raton. The development offers a central, highly accessible alternative to West Palm Beach and Miami’s urban core markets.
In a strong signal of that demand, One Midtown is already approximately 35% pre-leased.
Butters brings a longstanding track record to the partnership, having built more than 28 million square feet of commercial real estate valued at over $5 billion during its 36-year history. Its notable Boca Raton developments include Boca Village, Boca Ice and Boca Logistics Park.
PEBB is one of South Florida’s most active commercial real estate investment and development firms, with a significant portfolio and history of successful projects throughout Boca Raton and beyond. Over the past decade alone, PEBB has completed more than 5 million square feet of transactions representing more than $3 billion in value. It is currently partnering with BH Group on The Eclipse (redevelopment of the former Office Depot headquarters in Boca Raton) and owns several additional office assets in the city.
“Boca Raton has been our home for decades, and we believe strongly in its future as a premier office market,” said Malcolm Butters, President and Co-Founder of Butters Construction & Development, Inc. “One Midtown reflects the reemergence we are seeing in office real estate across Palm Beach County and pent-up demand for new Class A office space in the city.”
The joint venture comes at a time when office leasing activity is gaining momentum throughout Palm Beach County. In Boca Raton, the demand for new, well-located office space is already evident. The Aletto, a new office project in East Boca, is currently 70% pre-leased.
Butters and PEBB are already in active negotiations with prospective office tenants.
“One Midtown is simply the best office location in the city,” said Ian Weiner, CEO of PEBB Enterprises. “It offers the same quality, connectivity and amenities companies are seeking in West Palm Beach or Miami, but at a far more compelling value. New office leases in those urban core markets are reaching $150 per square foot triple-net, while Boca provides comparable product at substantially discounted rents.”
Christina Jolley, Kevin Carrasco, Tere Blanca, and Danet Linares of Blanca Commercial Real Estate are the leasing representatives for One Midtown. Zach Feldman of PEBB is overseeing retail leasing on the venture’s behalf.
https://sfoba.com/wp-content/uploads/2026/07/One-Midtown-Rendering_Original-Image-Provided-by-Boardroom-PR-800x533-1.jpg533800SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2026-07-12 07:28:132026-08-18 11:39:15Butters Construction, PEBB Enterprises, Konsker Development Join Forces To Develop New Class A Office Project In Midtown Boca
Travelpro has signed a 30,000-square-foot office lease at 6500 Park of Commerce Boulevard in Boca Raton.
The property is owned by Faropoint, and the lease was structured as a triple-net agreement. Financial terms were not disclosed.
Eric Cantor of Cushman & Wakefield represented Faropoint in the transaction. Dean Katz, Adam Bernstein and Greg Katz of Stream Realty Partners represented Travelpro.
The lease adds to ongoing activity in Boca Raton’s Park of Commerce area, a business district that continues to attract office, flex and industrial users seeking access to South Florida’s executive workforce, highway network and regional transportation infrastructure.
Located within the broader Broken Sound/Park of Commerce corridor, 6500 Park of Commerce Boulevard offers proximity to Interstate 95, Florida’s Turnpike, Tri-Rail service and major South Florida airports, making it a strategic location for companies with regional and national operations.
Travelpro, known for its luggage, bags and travel accessories, was founded in 1987 and is headquartered in Boca Raton.
Berkadia has facilitated an $100.4 million loan for Gatsby Florida to refinance DiVosta Towers, a 220,000-square-foot Class A office campus in Palm Beach Gardens.
One of the newest trophy office towers in Palm Beach County, DiVosta Towers consists of two 11-story office towers and a connected structured parking facility. The property is fully leased and home to a diverse roster of national and global tenants.
Senior Managing Director Charles Foschini, Managing Director Scott Wadler and Associate Director Shannon Wilson of Berkadia Miami arranged the loan on behalf of the sponsor, Gatsby Florida.
Cirrus Real Estate Partners provided a three-year, floating-rate, interest-only loan. Proceeds will refinance the existing loan Berkadia arranged in 2022 and position the asset for continued performance.
“In today’s lending environment, office is the most scrutinized asset class, and refinancing even high-quality properties has become increasingly selective,” said Foschini. “DiVosta Towers stands apart. With full occupancy, institutional-caliber tenancy, and a location where new supply is effectively constrained, this was exactly the type of asset lenders are still willing to back.”
“Palm Beach Gardens has emerged as one of the strongest office submarkets in the country, supported by strong in-migration and massive corporate investments in and around West Palm Beach,” added Wadler. “Office rents are up more than 90% over the past decade, and that growth is being driven by real fundamentals. The building’s location and performance coupled with best-in-class ownership and management made this deal possible. The Gatsby Florida team has employed a class-leading tenant program in the building and continues to outperform in the state.”
“Since taking ownership of the properties in 2020 and completing the full lease-up and construction of the towers we have been able to attract, and continue to attract, some of the best global firms to our property,” added Isaac Schalom, Vice President, Gatsby Florida. “By having a hands-on approach to the management, leasing and all other aspects we continue to add value to this strategic asset in Palm Beach County.”
Located at 3825 and 3835 PGA Boulevard, DiVosta Towers was completed in 2019 and 2020 and is a highly visible landmark along I-95, distinguished by its two Louvre pyramid-inspired architectural frameworks. It was the first new office development delivered in the submarket in more than a decade. Tenants include JP Morgan, Wealthspire Advisors, Virtu Financial, and others.
The campus features floor-to-ceiling glass, 10-foot ceiling heights, and a best-in-class amenity package, including structured parking with direct lobby access, tenant conference and event space, high-speed elevators, EV charging stations, and outdoor gathering areas. DiVosta towers in the newest office building in the submarket in over 15 years.
“These buildings are visible 24/7 from I-95, A1A, PGA Boulevard, and other streets throughout Palm Beach Gardens. They are iconic in design and an example of our firm’s brand. We are very happy with their performance and look forward to maintaining this standard across all of our properties. We are excited to begin construction this year on the newest office tower in this underserved market—The Modern. This building will complement what we have achieved at DiVosta Towers and serve best-in-class global tenants relocating to Palm Beach County,” said Babak Ebrahimzadeh, President of Gatsby Florida.
Tenants benefit from immediate access to more than 2.5 million square feet of surrounding retail, including The Gardens Mall, as well as a 130,000-square-foot Life Time fitness facility directly across the street. The property is prominently positioned along PGA Boulevard and State Road A1A, one of the region’s most sought-after commercial corridors.
New Luxury Office Project Coming To Palm Beach Gardens
/in News/by SFOBA STAFFBerkadia has arranged a $118.6 million loan on behalf of Gatsby Florida for the construction of The Palm, Palm Beach Gardens, the only new construction, Class A office and retail property located north of West Palm Beach in Palm Beach Gardens.
Upon completion in 2028, the eight-story, approximately 200,000-square-foot development will deliver premier office and retail space to the PGA corridor in northern Palm Beach County, where there are no other new office projects in the pipeline. Construction is scheduled to begin August 2026.
Gatsby Florida selected the Berkadia team led by Senior Managing Director Charles Foschini, Managing Director Scott Wadler and Associate Director Shannon Wilson, who secured the three-year, floating-rate, interest-only construction loan through Cirrus Real Estate Partners.
Gatsby Florida is a best-in-class owner, operator and developer focused on Class A assets in Class A locations. The Palm, Palm Beach Gardens will be the second and newest trophy asset in Gatsby Florida’s portfolio, joining the fully leased and recently refinanced DiVosta Towers. Both offer much-needed quality office space to the PGA corridor, one of Florida’s strongest and fastest-evolving office markets.
Located at 11200 RCA Center Drive, The Palm, Palm Beach Gardens will feature over 200,000 square feet of Class A office space with efficient 25,000-square-foot floor plates, 10-foot floor-to-ceiling glass, state-of-the-art building systems, hurricane-impact glazing and full-building generator backup to provide operational resilience for today’s corporate users. The development will also include approximately 30,000 square feet of ground-floor retail and restaurant space, an 838-space structured parking garage with EV charging stations, a rooftop terrace, conference facilities, a fitness center and prominent monument and building signage opportunities.
The Palm is the centerpiece of PGA Station, a mixed-use neighborhood that includes 1,200 newly developed apartments, and which will contain the future Tri-Rail and Brightline stop for Palm Beach Gardens.
Prominently positioned along PGA Boulevard with immediate access to Interstate 95, The Palm, Palm Beach Gardens is strategically located within the rapidly expanding northern Palm Beach County business corridor. As office demand continues to spread north from West Palm Beach, the location offers companies access to an executive-oriented lifestyle that combines premier residential communities, championship golf, luxury hospitality and abundant retail amenities. Tenants will be within minutes of more than 2.5 million square feet of surrounding retail, including The Gardens Mall and Downtown at the Gardens, a 130,000-square-foot Life Time fitness facility directly across the street, PGA National Resort & Spa and Palm Beach International Airport.
Institutional Property Advisors Facilitates Broward County Office, Mixed-Use Asset Sale
/in Done Deals, News/by SFOBA STAFFInstitutional Property Advisors (IPA), a division of Marcus & Millichap dedicated to serving the company’s institutional clients, announced the sale of Millennium Plaza at Hallandale, a nine-story, 139,245-rentable-square-foot multi-tenant office and mixed-use building in Hallandale Beach.
The property sold for $40 million.
Douglas Mandel, IPA executive managing director investments in Fort Lauderdale, and Aik Aliferis, IPA executive managing director investments based in Toronto, Canada, in association with Ryan Nee, Marcus & Millichap’s broker of record in Florida, executed the sale on behalf of the principals.
Constructed in 1974 on over three acres, Millennium Plaza has direct frontage on Hallandale Beach Boulevard/Florida State Route 858. Hollywood South Central Beach and U.S. Route 1 are close by, and Fort Lauderdale-Hollywood International Airport is within a short drive.
Tenant Makes Long-Term Boca Raton Office Commitment
/in Done Deals, News/by SFOBA STAFFA confidential tenant has leased 24,653 square feet of office space at 5201 Congress Avenue in Boca Raton.
The triple-net lease carries a 130-month term, giving landlord Mainstreet Capital Partners a long-term tenant commitment at the property. The lease rate was reported at $28 per square foot.
Joseph Freitas of CBRE represented Mainstreet Capital Partners in the negotiations. The tenant was represented by Greg Katz, Carlyle Coffin and Dean Katz of Stream Realty Partners.
The transaction closed May 20, 2026, according to Traded.
Key Facts
Butters Construction, PEBB Enterprises, Konsker Development Join Forces To Develop New Class A Office Project In Midtown Boca
/in News/by SFOBA STAFFButters Construction & Development, Inc. (Butters), and PEBB Enterprises, two Boca Raton–based real estate firms with deep roots in the community, along with Konsker Development, are partnering to develop One Midtown, a brand-new Class A office project in one of the city’s most sought-after commercial districts.
Designed to accommodate today’s evolving workplace needs, One Midtown will feature efficient floor plates, high-end finishes and street-level retail that enhances the walkability and vibrancy of the surrounding neighborhood.
One Midtown will include more than 120,000 square feet of Class A office space, along with over 11,000 square feet of ground-floor retail, designed to meet the growing demand for modern, high-quality office environments in Boca Raton. The development offers a central, highly accessible alternative to West Palm Beach and Miami’s urban core markets.
In a strong signal of that demand, One Midtown is already approximately 35% pre-leased.
Butters brings a longstanding track record to the partnership, having built more than 28 million square feet of commercial real estate valued at over $5 billion during its 36-year history. Its notable Boca Raton developments include Boca Village, Boca Ice and Boca Logistics Park.
PEBB is one of South Florida’s most active commercial real estate investment and development firms, with a significant portfolio and history of successful projects throughout Boca Raton and beyond. Over the past decade alone, PEBB has completed more than 5 million square feet of transactions representing more than $3 billion in value. It is currently partnering with BH Group on The Eclipse (redevelopment of the former Office Depot headquarters in Boca Raton) and owns several additional office assets in the city.
The joint venture comes at a time when office leasing activity is gaining momentum throughout Palm Beach County. In Boca Raton, the demand for new, well-located office space is already evident. The Aletto, a new office project in East Boca, is currently 70% pre-leased.
Butters and PEBB are already in active negotiations with prospective office tenants.
Christina Jolley, Kevin Carrasco, Tere Blanca, and Danet Linares of Blanca Commercial Real Estate are the leasing representatives for One Midtown. Zach Feldman of PEBB is overseeing retail leasing on the venture’s behalf.
Travelpro Signs 30,000-SF Boca Raton Office Lease
/in Done Deals, News/by SFOBA STAFFTravelpro has signed a 30,000-square-foot office lease at 6500 Park of Commerce Boulevard in Boca Raton.
The property is owned by Faropoint, and the lease was structured as a triple-net agreement. Financial terms were not disclosed.
Eric Cantor of Cushman & Wakefield represented Faropoint in the transaction. Dean Katz, Adam Bernstein and Greg Katz of Stream Realty Partners represented Travelpro.
The lease adds to ongoing activity in Boca Raton’s Park of Commerce area, a business district that continues to attract office, flex and industrial users seeking access to South Florida’s executive workforce, highway network and regional transportation infrastructure.
Located within the broader Broken Sound/Park of Commerce corridor, 6500 Park of Commerce Boulevard offers proximity to Interstate 95, Florida’s Turnpike, Tri-Rail service and major South Florida airports, making it a strategic location for companies with regional and national operations.
Travelpro, known for its luggage, bags and travel accessories, was founded in 1987 and is headquartered in Boca Raton.
Berkadia Arranges $100.4M Refinancing Of Palm Beach Gardens Trophy Office Asset
/in Done Deals, News/by SFOBA STAFFBerkadia has facilitated an $100.4 million loan for Gatsby Florida to refinance DiVosta Towers, a 220,000-square-foot Class A office campus in Palm Beach Gardens.
One of the newest trophy office towers in Palm Beach County, DiVosta Towers consists of two 11-story office towers and a connected structured parking facility. The property is fully leased and home to a diverse roster of national and global tenants.
Senior Managing Director Charles Foschini, Managing Director Scott Wadler and Associate Director Shannon Wilson of Berkadia Miami arranged the loan on behalf of the sponsor, Gatsby Florida.
Cirrus Real Estate Partners provided a three-year, floating-rate, interest-only loan. Proceeds will refinance the existing loan Berkadia arranged in 2022 and position the asset for continued performance.
Located at 3825 and 3835 PGA Boulevard, DiVosta Towers was completed in 2019 and 2020 and is a highly visible landmark along I-95, distinguished by its two Louvre pyramid-inspired architectural frameworks. It was the first new office development delivered in the submarket in more than a decade. Tenants include JP Morgan, Wealthspire Advisors, Virtu Financial, and others.
The campus features floor-to-ceiling glass, 10-foot ceiling heights, and a best-in-class amenity package, including structured parking with direct lobby access, tenant conference and event space, high-speed elevators, EV charging stations, and outdoor gathering areas. DiVosta towers in the newest office building in the submarket in over 15 years.
Tenants benefit from immediate access to more than 2.5 million square feet of surrounding retail, including The Gardens Mall, as well as a 130,000-square-foot Life Time fitness facility directly across the street. The property is prominently positioned along PGA Boulevard and State Road A1A, one of the region’s most sought-after commercial corridors.