Brickman Sells Downtown Miami Office Portfolio for Loss
A pair of aging office buildings in Downtown Miami sold at a loss.
Triple Double Real Estate and Stonerock Capital Partners bought the two office buildings in Downtown Miami for a combined $56.7 million, according to Cushman & Wakefield, which brokered the transaction.
The larger property, also known as the Courthouse Tower, located at 44 West Flagler Street, spans 176,292 square feet. The 23-story building was built in 1974.
The smaller, 10-story building at 200 SE 1st Street totals 150,530 square feet and was originally constructed in 1958. It’s situated less than half a mile east of its sister building.
The trades mark at least a $4.7 million loss for the seller, Brickman. In 2016, the Greenwich, Conn.-based investment firm paid $33.9 million for the 1st Street building and $27.5 million for the Flagler Street tower, according to property records.
Brickman “substantially repositioned” the two-building portfolio, which is now 59 percent leased, according to C&W. The South Florida-based buyers will focus on bringing the properties to full occupancy.
C&W’s Mike Davis, Dominic Montazemi, Miguel Alcivar, Adam Spies, Rick Brugge and Rick Colon represented both the seller and buyer. A representative for Brickman did not immediately respond to a request for comment.
Downtown Miami, nestled just north of the city’s vibrant Brickell financial district, is undergoing a facelift.
The neighborhood is home to a noticeable homeless population, but also to Miami Worldcenter, a 27-acre private development project that will house luxury retail, offices and residences.
Within Downtown, the corridor that runs along Biscayne Boulevard already boasts some of Miami’s most expensive apartment towers, including the Zaha Hadid’s One Thousand Museum, which counts David and Victoria Beckham as residents. And just last month, prominent New York developer, Aby Rosen, bought several buildings along Biscayne Boulevard.
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