Brickell Office Tower Sells for $111.6 million
Posted on 5/12/2015One of Miami's most prominent office towers sold Tuesday for $111.6 million, more than three times its last sales price in 2004.
RREEF Property Trust, an arm of Deutsche Bank, bought the 15-story tower at 800 Brickell for $533 per square foot.
Brickell is home to a variety of major corporations and financial firms and in recent years has seen a boom of luxury condos.
Current tenants at the building, which is 89 percent leased, include Banco de Brasil, TotalBank, Conde Nast America, State Trust Group and Anheuser Busch.
The Fort Lauderdale-based developer Stiles purchased the 209,122-square-foot tower for more than $33 million in 2004, along with partner Guggenheim Real Estate, county property records show. It was built in 1981.
"This transaction is a testament to the strength of the Brickell submarket as well as our ability to create value for our partners and execute on our asset strategy," said David Chanon, vice president of financial services at Stiles, in a statement. "Brickell is one of the premier office and residential submarkets in the country and 800 Brickell has been positioned to continue to benefit from its premier location."