Gatsby Florida Secures $119 Million Construction Loan for Palm Beach Gardens Office Project

• Gatsby Florida secured a $118.6 million construction loan from Cirrus Real Estate Partners for The Palm, a planned office and retail development at 11200 RCA Center Drive, Palm Beach Gardens, Florida.
• The project will deliver approximately 200,000 square feet of Class A office space, 30,000 square feet of ground-floor retail and an 838-space parking garage.
• Construction is scheduled to begin in September 2026, with completion expected in 2028.
• The five-acre property was acquired by Gatsby Florida for $17.5 million in 2022, and The Palm currently has no signed tenants.

What The Palm Will Bring to Palm Beach Gardens

Gatsby Florida is moving forward with The Palm, an eight-story speculative office development planned for 11200 RCA Center Drive in Palm Beach Gardens. The project will bring approximately 200,000 square feet of Class A office space to a five-acre site between Interstate 95 and the Legacy Place open-air shopping center. The development will also include 30,000 square feet of ground-floor retail and an 838-space parking garage. The Palm is being developed without tenants already committed, making it a speculative office project. Gatsby Florida is betting that continued growth in Palm Beach County will create demand for new, institutional-quality office space north of West Palm Beach.

 

 

What The Office Development Will Offer

The eight-story building is planned as a high-end office complex designed to attract financial services companies, family offices and other professional businesses. Gatsby Florida is positioning the project to capture demand from companies expanding into Palm Beach County as the region continues attracting businesses and wealthy residents. The development's location provides access to Interstate 95 and sits near Legacy Place, giving future office users convenient connections to nearby retail, restaurants and other services.

What The Financing Means for The Palm

Gatsby Florida has secured a $118.6 million loan from Cirrus Real Estate Partners to finance construction of The Palm. The three-year loan carries a floating interest rate and is structured as interest-only debt. Berkadia arranged the financing, with Charles Foschini, Scott Wadler and Shannon Wilson handling the transaction. Foschini said the project is entering a market where office demand is expanding beyond Downtown West Palm Beach.

“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,” Foschini said.

He added that “new institutional-quality office development remains extremely limited.”

What The Market Opportunity Looks Like

The Palm is being developed at a time when Palm Beach County continues to attract companies and investment from other major markets. Gatsby Florida expects some of the demand currently concentrated around West Palm Beach to move north into Palm Beach Gardens and surrounding submarkets. The project is also located near Legacy Place, giving the future office campus access to an established retail and dining destination. The absence of signed tenants makes the development a significant bet on future leasing demand. If Gatsby's expectations are correct, The Palm could provide a new option for companies seeking modern Class A office space outside the traditional West Palm Beach business district.

What Gatsby Florida Has Done in South Florida

The Palm is the latest addition to Gatsby Florida's South Florida portfolio. The company was launched in 2019 and specializes in commercial and residential real estate development, investment and management. The company previously acquired 800 Brickell, a 15-story Miami office tower, for $125.5 million in 2019. In 2020, Gatsby Florida purchased Di Vosta Towers in Palm Beach Gardens for $80 million. Gatsby's current leadership includes co-founders Babak Ebrahimzadeh and Isaac Ohebshalom, according to the company's website.

What Comes Next for The Palm

Construction is scheduled to begin in September 2026, with completion targeted for 2028. The project will need to attract tenants during construction and after delivery, but Gatsby Florida is moving ahead with significant financing from Cirrus Real Estate Partners. If leasing demand materializes as expected, The Palm could become a major new office destination in Palm Beach Gardens, adding a large supply of modern Class A space to a market where new institutional-quality development remains limited.