Gatsby Lands $119M for Palm Beach Office Project

September 1, 2026

Finance Development Miami News More Office Southeast

The development is rising in a limited-supply submarket.

Rendering of The Palm, Beach Gardens, an office project underway in Palm Beach Gardens, Fla. — The upcoming eight-story building will feature 25,000-square-foot office floorplates, a rooftop terrace and ground-floor retail. Image courtesy of Berkadia

Gatsby Florida has received a $118.6 million loan for the development of The Palm, Palm Beach Gardens, a roughly 200,000-square-foot office project in Palm Beach Gardens, Fla. Cirrus Real Estate Partners originated the three-year, floating-rate, interest-only note in a deal arranged by Berkadia.

This development is the only new office property underway in the city’s PGA corridor. Hedrick Brothers Construction is the project’s general contractor.

Groundbreaking is scheduled for September 2nd, while completion is scheduled for 2028.

Gatsby Florida first expressed the intention to develop the project, initially dubbed PGA Tower, in 2023. Back then, plans called for a second-quarter groundbreaking and delivery slated for 2024. However, site work was postponed and new development plans emerged in 2025, together with a new name: The Modern at Palm Beach Gardens.

Now, the project is taking shape as The Palm, Palm Beach Gardens, representing Gatsby’s second trophy office property in its portfolio after the fully leased DiVosta Towers. In June, the company secured a $100.4 million refinancing package from the same lender for the two-building campus.

The building will rise eight stories on a 7-acre site at 11200 RCA Center Drive. The property sits along the PGA Boulevard corridor, the city’s primary corporate and commercial hub. Additionally, The Palm, Palm Beach Gardens will serve as the centerpiece of PGA Station, a mixed-use district with 1,200 recently completed apartments that will also include the upcoming Tri-Rail and Brightline stop.

The site is also close to Interstate 95, providing connectivity to West Palm Beach, Fla., and the major employment centers across South Florida. Downtown West Palm Beach and its international airport are both roughly 15 miles away.

Inside a new trophy office building

Once completed, the building will feature 25,000-square-foot floorplates with 10-foot floor-to-ceiling windows, four passenger elevators, hurricane-impact glazing and full-building generator backup. The low-rise will also include approximately 30,000 square feet of ground-floor retail and restaurant space.

Planned amenities will comprise a large rooftop terrace with a wet bar, but also a fitness center, media and conference center and ground-floor fine dining restaurant with 1,500 square feet of covered outdoor patio. The property is to include an adjacent parking garage with 838 parking spots across six levels and EV charging stations.

Tower Commercial Real Estate Founder & President Jon Blank is handling leasing alongside Founder & CEO Darryl Kaplan of Darryl R. Kaplan Co. Berkadia Senior Managing Director Charles Foschini, Managing Director Scott Wadler and Associate Director Shannon Wilson secured the construction financing on behalf of the borrower.

Palm Beach developers target trophy office projects

Palm Beach County’s office fundamentals strengthened during the second half of 2026, according to a report by Cushman & Wakefield. The metro’s overall vacancy rate reached 11.9 percent in June, down 110 basis points since the start of 2026 and 50 basis points lower year-over-year, its lowest level in roughly two years.

Demand also remained positive as year-to-date net absorption amounted to roughly 256,000 square feet, while new leasing activity surpassing 612,000 square feet as of June. Average rents continued to climb and reached $57.75 per square foot on average—a 12.9 percent year-over-year increase.

The county also had a large development pipeline, with 1.4 million square feet underway in June, the report shows. Most new office space is concentrated in trophy projects, and Cushman & Wakefield expects the completion of One West Palm to help ease supply pressure in this tight market.

One West Palm is a two-tower, mixed-use project in downtown West Palm Beach, with an office component of roughly 200,000 square feet. Developer Jeff Greene broke ground on the property in 2019. Earlier this year, he reached an agreement with the city requiring completion by the end of 2027 or payment of $5 million in liquidated damages following years of construction delays.