As a result of the acquisition, the 210,000-sf, 11-story, class A building the BAC Colonnade Office Tower here will become part of Crescent's portfolio. The Colonnade tower was the only building BayView Colonnade LLC owned.
The building was built in 1989, and the property currently is 95% occupied.
With the acquisition, Crescent now boosts its presence in one of its target markets. "The Colonnade is known as one of the most prominent corporate addresses in the Miami area," Denny Alberts, Crescent's president and chief operating officer, says in a statement. "We are pleased to add an asset of this quality to our existing portfolio, which includes Miami Center and Datran Center, in one of our key targeted investment markets."
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