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PGA Tower. Rendering courtesy of TCRE
Gatsby Florida has tapped TCRE as the exclusive leasing agent of PGA Tower, an upcoming Class A office building within the PGA Station business hub in Palm Beach Gardens, Fla. The owner will break ground on the development in the second quarter of this year, with opening slated for the fourth quarter of 2024.
Gatsby Florida picked up the asset in August 2022, for more than $17 million, as revealed by South Florida Business Journal. TCRE President Jon Blunk, Executive Director Laurel Oswald, Senior Managing Director Constance Thomas and Senior Vice President Cristina Glaria will be overseeing the leasing activity at the 200,000-square-foot project.
READ ALSO: What’s Ahead for the Office Sector in 2023
The eight-story office building will feature an array of amenities, including quick-serve restaurants, retail outlets and a fitness center. A conference center, a rooftop patio and 838 covered garage parking spots with EV charging stations will also be available for tenants at the property.
A location to attract today’s office tenants
To take shape at 11200 RCA Center Drive, PGA Tower will span 7 acres near the intersection of PGA and RCA boulevards, offering connectivity to Interstate 95, Florida’s Turnpike and PGA National Golf Club. The PGA Stations business campus is home to a variety of dining and retail destinations, including Legacy Place, The Gardens Mall and Downtown at the Gardens.
Palm Beach Gardens is home to a growing number of engineering and technology firms. Thirteen colleges and universities, as well as significant research institutions are located within the county. West Palm Beach downtown’s and the Palm Beach International Airport’s proximity are also among the advantages of the companies based in Palm Beach Gardens.
As of the end of January 2023, Miami had an office vacancy rate of 11.7 percent, as reported by CommercialEdge. The same source also indicates that 2.2 million square feet of office space was under construction in the metro during at that point, representing 3.1 percent of total stock.
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