KBS sells Palm Beach Garden office for $71m

KBS has sold Financial Center at the Gardens, a class A office property in West Palm Beach Gardens, Fla.

Financial Center at the Gardens is a 10-story office building spanning 188,950 square feet.

“Targeting growing cities, such as Palm Beach Gardens is an explicit part of our investment strategy,” said Allen Aldridge, senior vice president for KBS and asset manager of the property. “Palm Beach Gardens has proven to be a developing market with positive real estate dynamics which has made it easy to keep the building nearly 100 percent leased.”

Financial Center at the Gardens was purchased for $71.8 million by New York Life Insurance Co., one of the largest life insurers in the world. KBS originally purchased the property in 2015 in a joint venture with