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Brickell office tower sold to REIT for $112 million

Florida investors may be interested to learn of a recent transaction in which an 800-office tower in Miami was sold to a real estate investment trust for nearly $112 million. The building is 15 stories and is located in the high-priced Brickell financial district.

Reportedly, the building contains 209,112 square feet of rentable office space. Including the parking spaces, the total square footage is around 419,174. Based on office space alone, the property traded at around $533 per square foot. The building was sold by GRE 800 Brickell, which is a partnership between Guggenheim Real Estate LLC and the Stiles Corporation.

The building was last traded in 2004 for a price of $33.07 million. Anheuser-Busch signed a lease for part of the building in April. According to sources, the building currently has a 90 percent occupancy rate. Other major tenants include Moss Construction, Conde Nast America, TotalBank, State Trust Group and Prudential Insurance Company of America. The building was constructed in 1981. In addition to office space and parking, it also has a three-story atrium as well as a circular courtyard. After upgrades were completed, the building received LEED silver certification in 2011.

Commercial real estate transactions can be highly complex and very structured, requiring significant negotiation. Companies that are interested in purchasing or selling commercial real estate may want to seek help from a real estate attorney in order to help structure the deal. An attorney might be able to conduct research needed in order to properly value the property and can then negotiate the terms of the proposed transaction in order to make certain that the client's interests are protected.

Source: South Florida Business Journal, "REIT buys Brickell office tower for $112M," Brian Bandell, May 12, 2015.

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