Chicago-Based REIT Pays $112M for 800 Brickell
Posted on 5/12/2015UPDATED, 1:05 p.m., May 12: Guggenheim Investments and Stiles Realty sold the 15-story office building at 800 Brickell for $111.6 million, according to a deed recorded in Miami-Dade County records on Friday.
RAR 2-800 Brickell, an affiliate of RREEF Property Trust, was the buyer, records show. Chicago-based RREEF, an arm of Deutsche Bank, is a publicly registered real estate investment trust that focuses on commercial real estate in the United States.
The tower, at 800 Brickell Avenue, last sold in October 2004 for $33 million, according to Miami-Dade County property records.
800 Brickell, built in 1981, includes a three-story atrium, courtyard plaza and attached parking garage. Tenants of the building include Conde Nast America, Prudential Insurance Company of America, State Trust Group, Conill/Saatchi and Saatchi Advertising, TotalBank, and as of April, Anheuser-Busch. Stiles Realty is the leasing agent for the 209,122-square-foot building.
"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," Stiles Vice President of Financial Services David Chanon said 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."
An address matching RREEF's headquarters and Chairman W. Todd Henderson are listed on the buyer's corporate records. RREEF targets investments in income-producing properties with established cash flow and the potential for value appreciation, according to its website. It has properties in New Jersey, California, Washington and Illinois.
"800 Brickell is and will continue to be a premiere office building in the heart of Miami," Chanon said. "We are proud to have had the opportunity to be a part of its growth trajectory."
Chris Lee, Jose Antonio Lobon and Andrew Chilgren of CBRE marketed the building on behalf of Stiles. It is nearly 90 percent leased.
GRE 800 Brickell is the seller. Calls to RREEF were not returned.