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AEW Capital Acquires 355 Alhambra

CORAL GABLES, FL-The 224,241-sf class A tower sold in the $90 million to $100 million range, sources say.

By Crystal Proenza | Updated on July 31, 2008

(Crystal Proenza is associate editor of Real Estate Florida.)

[IMGCAP(1)]CORAL GABLES, FL-AEW Capital Management, a Boston-based institutional pension fund advisor, has acquired the 224,049-sf 355 Alhambra Circle building from owner JP Morgan Investment Management. The 16-story class A tower was on the market for less than four months and sold for a price between $90 and $100 million in an all cash transaction, according to industry sources. This is the second purchase AEW has made from JP Morgan in the past four years. The firm acquired 550 Biltmore Way, a 160,000-sf Coral Gables office building, in 2004.

The deal is part of a growing trend of institutional buyers purchasing buildings on behalf of investor funds in all cash transactions, as reported by GlobeSt.com last month. Just weeks ago Deka Immobilien, a German open-end property fund based in Frankfurt, acquired the 207,000-sf BAC Colonnade class A office building for $82.9 million in all-cash transaction.

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