MIAMI—With so many condo and multifamily projects springing up on Brickell, office space may soon come at a premium. That may be why Parkway Properties was willing to pay $145.8 million for Courvoisier Centre. The sale price equals $422 per square foot.

Courvoisier Centre is a two-building class A office complex located in Miami's Brickell submarket. The office buildings sit on the island community of Brickell Key and boast water and skyline views from almost every office space.

"The acquisition of Courvoisier Centre supports our strategy of acquiring best-in-class assets within the strongest submarkets across the Sunbelt,” says James R. Heistand, Parkway's president and CEO. The office buildings are currently 83.4% occupied and are expected to generate an initial full-year cash net operating income yield of 4.5%.