KBS Sells Office Building in South Florida for $71.8M

PALM BEACH GARDENS, FLA. — KBS has sold Financial Center at the Gardens, a 10-story, 188,950-square-foot office building in Palm Beach Gardens, for $71.8 million. KBS acquired the property in 2015 and spent more than $1 million in renovations, including a main lobby renovation with a new lounge and wine bar, as well as upgrades to the café, restrooms, corridors and elevators. Mike Davis, Dominic Montazemi, Rick Brugge and Scott O’Donnell of Cushman & Wakefield represented KBS in the transaction. New York Life Insurance Co. bought the property.