Trophy Brickell Office Tower Changes Hands

Jun 14, 2018 No Comments by

CBRE has arranged the sale and financing of 1111 Brickell in Miami’s highly desirable Brickell submarket.

The deal closed June 14 for $250 million, according to industry sources.

The 522,892-sq.-ft. 30-story trophy office tower was constructed in 2000 in conjunction with the adjacent JW Marriot Hotel. 1111 Brickell is LEED Gold Certified and represents one of the newest office buildings in the market.

A partnership between Parkway Properties and KKR acquired the property with a mortgage from Square Mile Capital Management for acquisition and capital funding.

The CBRE Capital Markets team facilitated the sale between the seller, a global real estate investment manager, and Parkway Properties and KKR. Additionally, the CBRE Debt & Structured Finance team arranged financing with Square Mile on behalf of the buyer. Vice Chairman Christian Lee and Senior Vice President José Lobón oversaw the transaction on the sale effort, and Vice President Amy Julian on the financing. The CBRE Capital Markets team also included Senior Financial Analyst Andrew Chilgren.

Prudential Real Estate Investors paid $184 million for the office property in April 2013.

Parkway and KKR plan to implement a capital improvement program to elevate 1111 Brickell’s position in the market.

 

“The exciting renovation includes an overhaul of the building lobby and entrance, upgrades to the corridors and restrooms, improvements to the 10th floor amenity deck and the addition of a state-of-the-art fitness center,” explained José Lobón, Senior Vice President, CBRE Capital Markets.

 

“Many lenders pursued this trophy asset in the prestigious Brickell submarket. Square Mile’s aggressive pricing, term and structure will allow the sponsor to execute their extensive renovation plan and add to the high-quality tenant base that currently resides at the property,” added Amy Julian, Vice President, CBRE Debt & Structured Finance.

 

 

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Industry News, Miami-Dade County Office, Office
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