Development and investment firm Gatsby Florida has secured a $118.6 million loan from Cirrus Real Estate Partners to build a speculative luxury office complex in Palm Beach Gardens, Fla., Commercial Observer reported on August 31, 2026. Called The Palm, the eight-story development will feature about 200,000 square feet of Class A office space, 30,000 square feet of ground-floor retail, and an 838-space parking garage. The complex at 11200 RCA Center Drive will rise adjacent State Road 811, between Interstate 95 and the Legacy Place open-air mall.
Berkadia's Charles Foschini, Scott Wadler, and Shannon Wilson brokered the three-year, floating-rate, interest-only debt. Construction is scheduled to start this month and be complete in 2028. Gatsby Florida purchased the 5-acre parcel for $17.5 million in 2022, according to property records. The developer, launched by Nader Shalom and Babak Ebrahimzadeh in 2019, specializes in South Florida offices. That same year it bought the 15-story 800 Brickell tower for $125.5 million, and in 2020 it purchased the Di Vosta Towers in Palm Beach Gardens for $80 million. In June, Cirrus Real Estate Partners provided a $100.4 million loan to refinance that 220,000-square-foot property.
The project has no signed tenants so far. Gatsby Florida is betting that office demand will migrate north from West Palm Beach as high-profile companies open outposts there, a trend the report attributes in part to the development spree and lobbying of billionaire developer Stephen Ross. Foschini said in a statement: "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. New institutional-quality office development remains extremely limited."
What remains unknown is whether that demand will materialize quickly enough to fill a speculative building with no pre-leasing. The report does not detail projected rents, expected tenant mix, or any leasing pipeline. It also does not specify the loan's interest rate, loan-to-cost ratio, or other underwriting terms beyond the floating-rate, interest-only structure. The outcome will depend on how Palm Beach Gardens competes with established office submarkets and whether the broader migration of financial services firms and family offices continues at its recent pace.