Brickell Tower Sells For Nine FiguresAugust 11, 2015
In yet another resounding sign of Miami’s rise as a global city, one of its most iconic and prestigious office towers has recently sold for over $111 million ($533 per square foot). According to The Miami Herald, not only is this a massive transaction in its own right, but it comes out to more than triple the amount last paid when the tower was sold in 2004.
The 15-story building is centrally located at 800 Brickell and spans over 209,000 square feet of space. It was bought by RREEF Property Trust, an arm of Deutsche Bank, one of the world’s largest banks. Current tenants at this esteemed location include Banco de Brasil, TotalBank, Conde Nast America, State Trust Group and Anheuser Busch.
Built in 1981, Brickell Tower is one of the most venerable structures in an area noted for its many new and ambitious construction projects. It was last purchased over a decade ago for over $33 million by Stiles, a Fort Lauderdale-based developer, and its partner, Guggenheim Real Estate.
The vast disparity between its selling price now and then speaks to burgeoning business opportunities of Miami in general, and Brickell in particular. Already the economic and commercial center of the sprawling Miami Metropolitan Area, Brickell is one of the most vibrant economic hubs in the southeastern United States. Hosting the largest concentration of international banks in the world, it is nicknamed the Manhattan of the South for its numerous high-rises and vibrant urban living.
Needless to say, plenty of opportunities abound in this fast-growing and lively part of Miami. To get the Miami Homes in this rewarding and dynamic market, contact Miami Beach Luxury Real Estate expert Matt Crane at (305) 203-0000 or firstname.lastname@example.org.