The class B property, located at 999 Ponce de Leon Boulevard, is 91% occupied. Gables CitiTower, completed in 1981, underwent major system upgrades and renovations from 1999 through 2001.

"This property has a strong reputation in the market because it has been meticulously managed and maintained," Jay M. Caplin, a senior director in Cushman & Wakefield's Financial Services Group in Miami, FL, and one of the brokers who represented UBS Realty Investors LLC in the sale, says in a statement. Caplin adds that the building is home to a number of multinational firms, including American Airlines.

John F. Bell, a senior director in Cushman & Wakefield's Financial Services Group in Miami, who also represented UBS Realty Investors LLC, notes that, "The quality and condition of this asset provide the buyer with a well-positioned office property at a price that is below replacement cost," Bell said in the statement.