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Gables CitiTower Sells for $17M

MIAMI-UBS Realty Investors LLC sold the 11-story office building, with 124,931 rentable sf, for approximately $136.08 per sf to Brookwood Financial Partners LP. The class B property is 91% occupied.

By Melissa Bogdany | Updated on December 26, 2002

MIAMI-The 11-story Gables CitiTower office building in Coral Gables, FL’s centralbusiness district has been sold to Brookwood Financial Partners LP for $17 million in cash.UBS Realty Investors LLC sold the property, with 124,931 rentable sf, for approximately $136.08 per sf. The class B property, located at 999 Ponce de Leon Boulevard, is 91% occupied.

“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, said in a statement. “This has enabled Gables CitiTower to attract a diversified tenant base of small and large tenants, complemented by an impressive representation of multinational firms, including American Airlines.”

“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, said in a statement. Gables CitiTower, completed in 1981, underwent major system upgrades and renovations from 1999 through 2001. “This has enabled Gables CitiTower to attract a diversified tenant base of small and large tenants, complemented by an impressive representation of multinational firms, including American Airlines.”

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