CB Richard Ellis Institutional Group executive vice president, CBRE/Melody's South Florida office senior director Charles Foschini and CB Richard Ellis' Investment Properties Group associate Christopher Apone represented the seller in the transaction, Brookwood Financial Partners. Lee tells GlobeSt.com that Brookwood, which acquired the property in December 2003, sold the building to turn a profit.

The property is located on Biscayne Boulevard directly opposite Bayfront Park. It has unobstructed views of Biscayne Bay, Miami Beach and Downtown Miami and has an attached 12-story, 396-car parking garage. "The new owner acquired the property because it believes in the positive dynamics of Downtown and the building's unobstructed views of Biscayne Bay," Lee says.

Constructed in 1963, New World Tower received extensive renovations in 1998 and 2005 with capital expenditures exceeding $10 million. The property's exterior consists of reinforced concrete slab with a glass exterior running the east and west sides of the building. The new owners plan to make significant capital improvements to the property. "The new owners will bring it to a new level," Lee says.

The value of the property has soared over the time. Brookwood acquired the property in for $43.5 million from Miami Beach-based Investment Equities Associates, which acquired the property in 1997 for $8.8 million.