PREI Buys Brickell Office Tower for $185M

MIAMI—Prudential Real Estate Investors (PREI) just announced the acquisition of Sabadell Financial Center, a 30-story, class A office tower in Miami’s Brickell Financial District, for $185 million. An affiliate of Spanish real estate firm Testa Inmuebles en Renta, S.A. sold the office asset, which is also known as 1111 Brickell.

Known as “the Manhattan of the South,” Brickell has the largest concentration of international banks in the U.S. and is one of the fastest growing residential neighborhoods in Miami. Sabadell Financial Center sits between Brickell Avenue and Brickell Bay Drive. PREI execs indicated the acquisition reflects the group’s strategy to capture opportunities for investors created by the neighborhood’s attributes.