PGA Sells Longtime Palm Beach Gardens Headquarters After Move To Texas
After the world's largest professional golf organization picked up its ball in South Florida and dropped it in Frisco, Texas, it has sold the spot where it landed more than 50 years ago.
The PGA of America sold its longtime headquarters in Palm Beach Gardens for more than $12M, but it is keeping a small office space in the building, which sits next to the PGA National Resort and golf courses, the South Florida Business Journal reports.
The PGA had been headquartered in Palm Beach Gardens since 1965, but last year it moved into a 107K SF new headquarters connected to the $520M Omni PGA Frisco Resort. Executives over the summer moved into the building, which features hitting bays, a chipping green, a bunker and several putting greens, the Dallas Business Journal reported.
An affiliate of Boca Raton-based Blue Water Advisors bought the PGA's longtime Palm Beach Gardens HQ, which opened in 1981 and spans a more modest 41K SF. Blue Water financed the deal with an $8.6M mortgage from City National Bank of Florida, per SFBJ.
Constance Thomas of TCRE, who brokered the sale, is marketing 27K SF of the two-story building as renovated space for between $28 and $30 per SF, according to a LoopNet listing. It has 180 parking spots and, naturally, features a putting green among its amenities.
The PGA name has become synonymous with Palm Beach Gardens. While the PGA's old headquarters is located at 100 Avenue of the Champions, it is just off PGA Boulevard, and golf courses dot the landscape.
Nearby, developer Gatsby Florida plans to start construction this year on PGA Tower, an eight-story, 200K SF office tower on 7 acres at the corner of PGA Boulevard and RCA Center Drive.