5/30/2007

Palm Beach Gardens office draws record $450 per sq. ft.

by

The Grand Bank Center

Private investment group MB Properties paid $21 million for a 46,300 sq. foot office building in South Florida's Palm Beach Gardens on May 30.

MB Properties paid $450 per square foot for the Grand Bank Center, located at 3601 PGA Blvd. in Palm Beach County. It marked the highest per square foot price for an office building in the area at the time. The previous price-per-square-foot record was set by the 2006 sale of the neighboring Financial Center at the Gardens office building, which traded for about $415 per square foot.

NAI Merin Hunter Codman represented MB Properties in the purchase from the former owner, GLL Properties.

GLL Properties, which is the U.S. subsidiary of German firm GLL Real Estate Partners of Munich, was represented by national commercial real estate capital intermediary Holliday Fenoglio Fowler.

Built in 2002, the three-story building was 100 percent leased at the time of the sale. Major tenants in the building include Grand Bank & Trust of Florida, Fidelity Investments and Wachovia Wealth Management.

GLL Real Estate Partners has corporate headquarters in Munich and U.S. offices in New Jersey and California. The company, which owns properties in 10 nations, has built a portfolio worth over $1 billion since it was founded in 2000.

Address: 3601 PGA Blvd., Palm Beach Gardens, Fla.

Size: 46,300 sq. feet

Built: 2002

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Filed Under: Office

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