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."
Crescent spokesman J. Lance Blann tells GlobeSt.com, "It is the premier address in Miami, and that's what made it enticing to us."
Crescent is looking to expand its portfolio further in the greater Miami area, as well as in all the company's markets, according to Blann.
"We will continue to look for office investment opportunities where we can leverage Crescent's award-winning leasing and management expertise," Alberts adds.
Crescent, based in Fort Worth, TX, is a large, national publicly held real estate investment trust. Currently, the REIT owns and manages 74 premier office buildings with a total of almost 29.7 million sf through its subsidiaries and partners. The properties are located mainly in the southwestern US.
Crescent's other South Florida properties include Datran Center in Miami, which has a total of 476,412 rentable sf in two buildings, 18 and 20 stories; Miami Center, which has 782,211 rentable sf on 34 stories; and the 270-guest room Ritz-Carlton, Palm Beach.
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