Landmark Brickell Office Asset Sells For Record Price
Posted on 5/13/2015Stiles announced today the sale of 800 Brickell, a 209,122-square-foot landmark office building located on Brickell Avenue in Miami.
The property was purchased by RREEF Property Trust, a real estate investment management business of Deutsche Bank, for $111.6 million or $533 per square foot.
According to Stiles, the sale represents the highest price per square foot in the Brickell submarket.
"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," remarked Stiles Vice President of Financial Services David Chanon. "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."
In partnership with Guggenheim Real Estate, a division of Guggenheim Partners, Stiles purchased the property in 2004 for $34 million based on its prime location and potential for improvement. Stiles leveraged its wide range of real estate services, including asset management, property management, leasing and tenant project management, to significantly enhance the value of the property over the term of its ownership.
Specifically, the company increased the property's leasable square footage, upgraded the common areas and elevators, modernized the exterior plaza and office suites, and completely redesigned and activated the ground floor retail along 8thAvenue. In addition, by implementing its sustainability program, Stiles achieved LEED-Silver certification for 800 Brickell in 2011. The building is Energy-star rated and has won The Office Building of the Year and Earth awards by the Building Owners and Managers Association.
Originally constructed in 1981, 800 Brickell boasts a 15-story full glass façade and an attached parking structure that provides 2.7 spaces per 1,000 square feet — the highest parking ratio on Brickell Avenue. The property is located across the street from Phase II of Swire's Brickell City Centre, a massive transformational development that is expected to re-shape the Brickell submarket upon completion.
The property was marketed through Chris Lee, Jose Antonio Lobon and Andrew Chilgren of CBRE on behalf of the seller, Stiles.
It is currently 89% leased and hosts strong credit tenants, including State Trust Group, Anheuser Busch, Sol Group, Conill Advertising, Banco de Brasil, TotalBank, Conde Nast America, BoConcept, and Dannon Foods.
"800 Brickell is and will continue to be a premiere office building in the heart of Miami," said Chanon. "We are proud to have had the opportunity to be a part of its growth trajectory."