Prudential Affiliate Buys Coral Gables Office Building For $50 Million

550 Biltmore Way has been sold to a Prudential Real Estate Investors affiliate for $50.2 million.
KPERS Realty Holding #39, which is managed by Boston-based AEW Capital Management, reportedly sold the building to PR 550 Biltmore Way.
The 290,520-square-foot building has 250 covered parking spaces, a cafe, an executive health club and 162,293 square feet of leasable space.
The building last sold in 2004 for $35.8 million. UBS is one of the building’s largest tenants.
The Miami-based CBRE team representing the seller included Christian Lee, Vice Chairman, and José Lobón, Senior Associate, with CBRE Capital Markets, Institutional Properties; and Charles Foschini, Vice Chairman, and Chris Apone, First Vice President, with CBRE Debt & Structured Finance. Brian Gale, Principal, and Ryan Holtzman, Director of Leasing with Taylor & Mathis, assisted the CBRE team with market leasing.
 
 
Source: The Real Deal

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