Massachusetts Firm Spends $15M for Office Asset

MIAMI-Cambridge, MA-based Transatlantic Investment Management Inc. has acquired the 2500 Building, a two-building, 100,115-sf property at 2500 NW 79th Ave. for $14.49 million, or $145 per sf.

The 2500 Building was constructed in 1982 and renovated in 2005 and 2006. The property’s occupancy was in excess of 90% at the time of the sale and is occupied mostly by small corporate tenants. The site provides a parking ratio of four spaces per 1,000 rentable sf. Trammell Crow Co. executive vice president and principal John Bell represented the seller, 2500 Building LLC, which is a locally based private investment group.

Among the building’s attributes is that it is located in the Doral section of Miami. “The Doral market has been one of the strongest,” Bell tells GlobeSt.com. “It is considered a gateway to Latin America.”