(Crystal Proenza is associate editor of Real EstateFlorida.)
MIAMI-Eaton Vance Management's real estate investment group has acquired One Riverview Square at 333 S Miami Ave. The Downtown office building, which underwent renovations in 2003, is fully leased to General Services Administration tenants, including the Department of Homeland Security and a division of the Social Security Administration.
Eaton Vance purchased the 147,895-sf property for $50 million from Australian-based Rubicon America Trust. Steve Buss, senior vice president of investment properties for CB Richard Ellis in Minneapolis, represented the seller.
"This was an attractive investment opportunity that was a well-located and fully leased building with the credit of the federal government behind it," Scott Patrick, Rubicon's asset manager for the transaction, tells GlobeSt.com. He says the fact that there were longer duration leases in place made the building an even more desirable asset.
"Despite the currently unsettled national real estate market, we remain interested in acquiring additional, long-term net-leased office, retail and industrial properties in the United States," says K.C. Swartzel, director of acquisitions and dispositions for Eaton Vance Management's real estate investment group.
Eaton Vance Management is subsidiary of Boston-based Eaton Vance Corp., which currently has $152.9 billion under management. Rubicon still owns Beacon Station, an office building at 10350 NW 112th Avenue in Miami, along with 32 other assets around the country. Many of those properties are also leased to governmental agencies, according to Patrick.
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