KBS Realty Advisors paid PGA Acquisition Co., which is represented by JP Morgan Asset Management, $63.1 million for the Financial Center at the Gardens, a 188,772-square-foot, 10-story Class A Palm Beach office complex. KBS, which is based in Newport Beach, California, seems to have gotten a good deal as the complex sold in 2006 for a reported $77.94 million. The price per square foot comes out to about $334.
“Financial Center at the Gardens is in a prime location at the intersection of I-95 and PGA Boulevard, plus it offers tenants easy access to various amenities within walking distance, including high-end shopping, dining, retail and entertainment locations,” said Marc DeLuca, eastern regional president of KBS. “We’re excited to have added this South Florida asset to our property portfolio and believe new tenants will benefit from its Palm Beach Gardens location, which can work as a gateway city for South America.”
