Gatsby Florida Closes on $118.6M Construction Financing Through Berkadia for Trophy Office Asset in Palm Beach Gardens
“The Palm, Palm Beach Gardens” reflects growing demand for premier office space as financial services firms expand northward from West Palm Beach
Palm Beach Gardens, Florida – August 31, 2026 – Berkadia, a distinguished leader in the commercial real estate sector, announces that it 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, Florida.
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.