The 20-story building will have units ranging in size from 1,400 to 38,000 sf with prices starting from the $700,000s. The project will have between 40 to 50 suites, which can be broken down into smaller spaces. The building has views of the Brickell skyline and Biscayne Bay and has is in close proximity to Interstate 95, the Metrorail, the People Mover and the Brickell Business District Shuttle. A seven-level, 570-space parking garage is part of the project with reserved spaces for buyers. The project is expected to be completed by the end of the year, Fortune International founder and president Edgardo Defortuna tells GlobeSt.com.

Among buyers have been law firms, media companies, financial institutions, an asset management group and an insurance company. Buyers typically fall into one of two categories, a buyer-occupant looking to purchase its own office space or a buyer-investor that evaluates the merits of the acquisition based on the lease in place and plans to hold the space as a long-term investment. "The presence of high-quality tenants in the retail/lobby level, such as Morton's Steakhouse and Colonial Bank is very attractive to owners, tenants and visitors," Defortuna says.

Fortune International also developed an office condominium project at 1110 Brickell, which has been completed and sold out. All the units in that project have been sold.

"Unlike Latin America and Europe, where the concept of office ownership is well established, the industry in the US is in its infancy, but is rapidly growing," Defortuna says. "When we started 1110 Brickell, only Latin American companies and investors appeared interested. Now, we have buyers from top-of-line US businesses as well."

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
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.