CBRE Capital Markets announced today that it has closed the $140 million sale of 777 Brickell Avenue, an office tower with 288,485 square feet and an adjacent 5-story parking structure located in Miami, Florida. CBRE marketed the property on behalf of an institutional investor advised by CBRE Global Investors. The purchaser was a private South American investment group.
“Miami continues to draw significant capital from intelligent, well-informed investors. 777 Brickell, one of only four waterfront sites on Brickell Avenue, is just the latest example of that,” said CBRE Vice Chairman Christian Lee, who represented the seller.
Standing at a height of 13 stories at the intersection of Brickell Avenue and Southeast 8th Street, 777 Brickell has maintained an upscale presence in the market. One of only two Brickell Avenue office buildings with a waterfront location, 777 Brickell’s market-leading location offers clear and unobstructed views of Biscayne Bay, Brickell Key and Key Biscayne. The property is currently 93% leased to 29 tenants.
“The unprecedented growth and transformation of the CBD along with the world-class location of the property provide a tremendous upside opportunity for new ownership through the operation of the institutional-quality office building as well as potential future redevelopment,” said CBRE Vice President Amy Julian, who also represented the seller.
CBRE Capital Markets, Institutional Properties team members, Vice Chairman Christian Lee, Vice Chairman Charles Foschini, First Vice President Christopher Apone, Vice President Amy Julian and Senior Associate José Lobón marketed the asset for sale and negotiated the transaction on behalf of the seller. Leasing brokers Brian Gale and Andrew Trench of Taylor & Mathis were also participants in the marketing of the deal.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.