Search
 

Brookwood Affiliate Buys 30-Story Office Building

MIAMI-Brookwood Biscayne Tower Investors LLC paid $43.5 million, or $159.77 per sf, for New World Tower here. The 272,267 rentable-sf, 72%-leased building includes a 12-story parking garage. The property's tenant roster includes numerous telecommunications companies.

By Melissa Bogdany | Updated on December 18, 2003

MIAMI-Brookwood Biscayne Tower Investors LLC, an affiliate of Boston-based Brookwood Financial Partners LP, has acquired the 30-story office building New World Tower here for $43.5 million, or $159.77 per sf. The building has 272,267 sf of rentable space and a 12-story parking garage attached.

The building was approximately 72% leased and houses general office users, as well as more than 50 telecommunications tenants that maintain international and domestic switches, voice over Internet protocol and collocation facilities at the property.

The property is located on Biscayne Boulevard in the city’s central business district. The tower, which has offers unobstructed views of Biscayne Bay, Miami Beach and Downtown, is adjacent to Bayfront Park and is within walking distance of Bayside Marketplace, a shopping and dining district, as well as many other stores and restaurants, the American Airlines Arena and the site of the proposed Performance Arts Center. The nearby developments will be a marketing tool to gain additional tenants, according to Thomas W. Brown, senior managing director and director of acquisitions for Brookwood.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.