REIT Buys Brickell Office Tower for $112M
Posted on 5/12/2015The 800 Brickell office tower was acquired by the RREEF Property Trust REIT for $111.6 million.
Located in Miami's high-priced financial district, the 15-story office tower has 209,112 square feet of leasable space. It totals 419,174 square feet when the 417 parking spaces and common areas are factored in. It traded for $533 per square foot based on the office space alone.
GRE 800 Brickell, a partnership between Guggenheim Real Estate and Fort Lauderdale-based Stiles Corp., sold the building at 800 Brickell Ave. to RAR2 - 800 Brickell, an affiliate of RREEF. The non-publicly traded REIT is managed by Duetsche Asset & Wealth Management.
The $111.6 million price for 800 Brickell blows away the $33.07 million the building last traded for in 2004.
"This transaction is a testament to the strength of the Brickell submarket as well as our ability to create value for our partners and execute on our asset strategy," Stiles VP of Financial Services David Chanon said in a news release. "Brickell is one of the premier office and residential submarkets in the country and 800 Brickell has been positioned to continue to benefit from its premier location."
Chris Lee, Jose Antonio Lobon and Andrew Chilgren of CBRE represented the sellers
After signing Anheuser-Busch to a lease in the building in April, Stiles announced that 800 Brickell was 90 percent occupied. Other tenants include Conde Nast America, Prudential Insurance Co. of America, State Trust Group, TotalBank and Moss Construction.
The building was constructed in 1981 on the two-acre site and includes a three-story atrium and a circular courtyard. Stiles and Guggenheim upgraded its common areas and elevators, modernized the courtyard and office suites and redesigned the ground floor retail. The building became LEED silver certified in 2011.