Brickell's Espirito Santo Plaza Goes On The Block

The owner of Espirito Santo Plaza on Brickell has hired Exan Capital to market the Brickell office tower for sale.
The 36-story building is owned by Rio Forte Investments, which filed for relief from its creditors in Luxembourgh in 2014 as part of Banco Espirito Santo’s collapse. Miami-based Espirito Santo Bank is a tenant in the building and the bank is seeking a buyer.
The Wall Street Journal first reported on the marketing of Espirito Santo Plaza at 1395 Brickell Ave., saying it could fetch at least $120 million.
Adam Wolfson, senior VP of Miami-based Exan Capital, said there was a quiet marketing period for Espirito Santo Plaza in summer 2014 but that slowed down after its parent company filed for bankruptcy. Now the Luxembourgh court has approved the sales process and Exan Capital expects to issue a call for offers in four to six weeks, Wolfson said. There is no asking price, he added.
 

“This is not in any way a distressed situation where you can buy the asset below market value,” Wolfson said. “With all the attention it is receiving, it will probably get a premium to market.”

Built in 2004, Espirito Santo Plaza has about 268,000 square feet of leasable office and retail space and about 894 parking spaces. The sale would not include the condo units and hotel in the building.
 

“You have a trophy asset in Brickell that is very well occupied and very well rented compared to market and it will fetch a premium because of that, Wolfson said.

Source:  SFBJ

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