Brickell Office Tower Sells For $456 PSF

Oct 27, 2019 No Comments by

A multifamily investor looked like it was changing its stripes when it bought the 1001 Brickell Bay office tower in Miami for $157 million in South Florida’s second biggest office sale of the year. But maybe not.

The transaction remained off the radar since closing three months ago with Aimco buying majority control of the owner of the building on Biscayne Bay. The purchase was reported in the company’s earnings report, and state corporate records now list Aimco executives as heads of tower-owning company.

The Denver-based publicly traded real estate investment trust purchased the 32-story trophy building by buying 95% of the interest in the tower’s owner, Brickell Bay Tower Ltd. Inc. The off-market deal, which closed July 2, breaks down to $456 per rentable square foot.

 

Source:  DBR (Visit Daily Business Review to read the full story.)

 

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Industry News, Miami-Dade County Office, NA, Office
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