Blog Elements

Half Sized Blog Element (Single Author Style)

Half Sized Blog Element (Multi Author Style)

DiVosta Tower_Original Photo Provided by RevelierPR 800x533

Berkadia Arranges $100.4M Refinancing Of Palm Beach Gardens Trophy Office Asset

June 28, 2026/in Done Deals, News/by SFOBA STAFF

The asset 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.

boca raton innovation campus-bric_original photo credit BRiC 800x533

Related Ross Eyes Boca Raton Innovation Campus As Next Palm Beach County Growth Play

June 17, 2026/in News/by SFOBA STAFF

Related Ross is pursuing a potential acquisition of Boca Raton Innovation Campus, a 123-acre office property with deep technology roots and approved plans for a major mixed-use expansion.

Berkadia Arranges $100.4M Refinancing Of Palm Beach Gardens Trophy Office Asset

June 28, 2026/in Done Deals, News/by SFOBA STAFF

The asset 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.

Related Ross Eyes Boca Raton Innovation Campus As Next Palm Beach County Growth Play

June 17, 2026/in News/by SFOBA STAFF

Related Ross is pursuing a potential acquisition of Boca Raton Innovation Campus, a 123-acre office property with deep technology roots and approved plans for a major mixed-use expansion.

Full Sized Blog Element (Big Preview Pic)

Berkadia Arranges $100.4M Refinancing Of Palm Beach Gardens Trophy Office Asset

June 28, 2026/in Done Deals, News/by SFOBA STAFF

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.

Related Ross Eyes Boca Raton Innovation Campus As Next Palm Beach County Growth Play

June 17, 2026/in News/by SFOBA STAFF

Related Ross is looking beyond West Palm Beach as it weighs a major move into Boca Raton.

The West Palm Beach-based development firm, led by billionaire Stephen M. Ross, is in active discussions to acquire Boca Raton Innovation Campus, commonly known as BRIC. The 123-acre office campus is located at 5000 T-Rex Avenue, though no purchase agreement has been finalized.

The potential deal would give Related Ross control of one of Palm Beach County’s largest office properties and a site already positioned for a broader mixed-use future. BRIC, once home to IBM operations and known as the birthplace of the personal computer, has long been one of Boca Raton’s most recognizable business campuses.

Jordan Bargas, executive vice president at Related Ross, confirmed the firm’s interest in the property, calling BRIC a significant asset with a strong history. He said the company sees an opportunity to create a mixed-use destination that supports innovation, employment and long-term economic growth in Boca Raton and Palm Beach County.

The interest follows several years of major investment by Related Ross in West Palm Beach, where the company has delivered new office towers, luxury residential projects and retail improvements at CityPlace. Ross has repeatedly identified Palm Beach County as one of the strongest growth opportunities in South Florida, and Boca Raton appears to be an increasingly important part of that strategy.

Related Ross previously pursued Boca Raton’s government center redevelopment, proposing a plan that included office space. Although another developer was selected and the broader proposal was later rejected by voters, the process underscored the firm’s interest in the city’s office market.

BRIC has also been gaining traction with tenants. D-Wave Quantum, a Palo Alto, California-based quantum computing company, announced in January that it would relocate its headquarters to the campus. All Star Healthcare Solutions followed in February, moving its headquarters from Deerfield Beach to BRIC.

The property is currently owned by CP Group, Rialto, DRA Advisors and Las Olas Capital Advisors. Since acquiring the campus, ownership has invested in upgrades intended to modernize the property and improve tenant appeal, including new amenity areas, a food market, conference facilities and a fitness center. Those improvements have helped raise occupancy and rental rates.

The city has already approved a broader redevelopment vision for BRIC. The plan would preserve most of the existing office space while adding new uses on the campus’ large parking areas. Proposed additions include 1,243 residential units, 125,000 square feet of retail, a 55,000-square-foot entertainment component, 85,000 square feet of medical office space and a 140-room hotel.

Terra, based in Miami, has been brought in as the residential development partner. The project has not yet broken ground, as final site plan approvals are still moving through the city process.

If Related Ross completes the acquisition, BRIC could become the firm’s most significant platform yet for expanding its Palm Beach County development strategy outside of downtown West Palm Beach.

Source: SFBJ

Half Sized Blog Element (Single Author Style)

Half Sized Blog Element (Multi Author Style)

Berkadia Arranges $100.4M Refinancing Of Palm Beach Gardens Trophy Office Asset

Related Ross Eyes Boca Raton Innovation Campus As Next Palm Beach County Growth Play

Berkadia Arranges $100.4M Refinancing Of Palm Beach Gardens Trophy Office Asset

Related Ross Eyes Boca Raton Innovation Campus As Next Palm Beach County Growth Play

Full Sized Blog Element (Big Preview Pic)

Berkadia Arranges $100.4M Refinancing Of Palm Beach Gardens Trophy Office Asset

Related Ross Eyes Boca Raton Innovation Campus As Next Palm Beach County Growth Play

Subscribe!

Contact Us

Contact Us

Subscribe!