Pyramid promise: New Palm Beach Gardens towers set to lure firms

It’s not quite the Louvre, but Palm Beach Gardens now can lay claim to its own iconic pyramid structure.

Actually, two of them.

DiVosta Investments, led by longtime builder Otto “Buz” DiVosta, just topped one of two new office buildings with a giant pyramid, hoisted onto the 11-story building in two parts. Assembled as a puzzle, the white steel pyramid is clear, absent the glass of the Paris art museum.

But DiVosta Towers still will stand as a beacon of sorts.

It’s the first new office buildings in Palm Beach Gardens in nearly a decade, said Rebel Cook, president of Rebel Cook Real Estate in Palm Beach Gardens and leader of the Economic Forum, a business group.

“He’s the only game in town right now,” Cook said of developer DiVosta, who is known as one of the county’s most prolific home builders.

New office space is important because companies, both locally and out-of-state, are looking to grow in Palm Beach County, particularly booming northern Palm Beach County.

Already, four full floors of the first tower are pre-leased, and the company hasn’t even started marketing the project, DiVosta said in an interview. Each floor is 10,000 square feet.

The two towers, totalling 220,000 square feet, are on seven acres at 3825 PGA Blvd., at the intersection of Alternate A1A and Kyoto Gardens Drive.

The property sits near the The Gardens Mall and Downtown at the Gardens shopping center, next to the 3801 PGA Blvd. office building, which was built by the late healthcare magnate Abe Gosman.

3801 PGA Blvd. once was envisioned as a “medical mall” to be filled with doctors’ offices, but over time it has become occupied by financial and professional service firms. It’s now known as the Financial Center at the Gardens.

The DiVosta Towers property, which DiVosta purchased for $8.5 million in early 2015, also looks like it will be filled with an assortment of law and financial-related firms.

The first building will be ready in early 2019, and the second tower will be completed about six months later, DiVosta said.

DiVosta Towers will fill a need for new, Class A office space in northern Palm Beach County at a time when office occupancy rates are near 90 percent, said Peter Reed, managing principal of Commercial Florida Realty Partners in Boca Raton.

With no new real estate development in the last ten years, high occupancy rates and the demand from growing local firms, the new office buildings are an opportunity for tenants wanting space, Reed added.

Indeed, DiVosta said many potential tenants are local firms seeking more space. And with the towers’ good location and fair price, “you’re done,” he said.

But the towers also will merit a look from companies seeking to expand or relocate to Palm Beach County, Reed said.

“Corporate relocations in prior years used to just look at Boca Raton,” Reed said. “Now it’s absolutely Palm Beach Gardens and northern Palm Beach County.”

DiVosta said he’s being choosy about his tenants, waiting to finish the landscaping, parking lot and amenities before he seriously markets it. “I don’t want to tie down a quarter of a floor and then somebody comes in later and wants the whole floor,” DiVosta said.

Thus far, many potential tenants want half a floor, or 5,000 square feet, he said.

DiVosta said the twin towers will cost $60 million to complete, with the pyramids alone costing $700,000, each. Rents are about $30 a square foot, not including taxes and insurance.

A parking garage will accommodate 800 cars but surface parking also will be available, DiVosta said.

Downtown West Palm Beach may be getting a lot of attention lately due to all the talk about new office towers, “but Palm Beach Gardens is heaven,” DiVosta said.

Alexandra Clough writes about real estate, law and the economy.

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