Buying the mortgage and postponing the foreclosure action was just the first step in the recent purchase. In a series of separate transactions and agreements involving both the real estate and non-real estate matters, Yidios and Ytech's outside general counsel, Stuart Kapp of Kapp Morrison LLP, negotiated to bring an end to years of litigation that included claims by neighboring property owner Walter DeFortuna, lender ESJ Capital Partners and New York investor Shahab Karmely.

“We quickly realized that with years of history and frustration between the parties, Ytech's best strategy was to serve as an intermediary, arranging for the purchase from the Taplin family on the one hand and a settlement with DeFortuna on the other,” says Yidios. “We were convinced that at the end of the day, the dispute would be resolved by settlement or in court in a way that would allow Ytech to perform under its contract with the Taplins.”

Yidious admits getting the deal done took some confidence. His firm had to spend what he calls a “significant amount of money” pursuing a deal behind a specific performance claim. After analyzing the situation, he decided the business risk worth taking

“Transactions like these are not for the faint of heart,” says Yidios. “We had to make strategic business decisions, one after another at a very fast pace as we had to work through buying a mortgage, postponing a foreclosure, settling two litigations and buying the property. This was a legally intensive set of transactions.”

Florida research manager Chris Owen believes increased demand for office space may lead to the development of new office product in select markets. “One of the more enduring trends during this economic cycle has been the lack of new quality construction in some markets,” Owen tells GlobeSt.com. “This trend has benefitted class B and C buildings and non-traditional office submarkets. Indicators point to an increase in new office construction if underlined demand fundamentals remain constant.”

Find out why the office isn't necessarily an office anymore.

MIAMI—An affiliate of Ytech International just snapped up the Florida research manager Chris Owen believes increased demand for office space may lead to the development of new office product in select markets. The sale price: $32 million. (A South Beach office building recently traded for $80 million.)

Located at 1428 Brickell Avenue in Miami, the purchase price for the office building includes $26.5 million for the real estate, plus “tens of millions of dollars more” to settle claims and non-real estate matters. It is the final step in a series of transactions that brings an end to years of high-profile litigation and threats of foreclosure, according to Yamal Yidios, the 34-year-old founder and sole owner of Ytech. His firm has completed more than $1 billion in real estate investment and development in the Southeastern United States.

“This transaction, which gives Ytech a property of nearly 50,000 square feet on Brickell Avenue and development rights for up to 825,000 square feet, was a very challenging and rewarding business undertaking,” says Yidios. The 1428 Brickell property, which presently has a 100,762-square-foot office building, has been entangled in litigation making the property difficult to develop or transact.

“The property was on the brink of a summary judgment foreclosure hearing when Ytech was asked to become involved,” Yidios explains. “Providing the immediate capital to stave off the impending foreclosure preserved the value of the asset for the Taplin family.”

Buying the mortgage and postponing the foreclosure action was just the first step in the recent purchase. In a series of separate transactions and agreements involving both the real estate and non-real estate matters, Yidios and Ytech's outside general counsel, Stuart Kapp of Kapp Morrison LLP, negotiated to bring an end to years of litigation that included claims by neighboring property owner Walter DeFortuna, lender ESJ Capital Partners and New York investor Shahab Karmely.

“We quickly realized that with years of history and frustration between the parties, Ytech's best strategy was to serve as an intermediary, arranging for the purchase from the Taplin family on the one hand and a settlement with DeFortuna on the other,” says Yidios. “We were convinced that at the end of the day, the dispute would be resolved by settlement or in court in a way that would allow Ytech to perform under its contract with the Taplins.”

Yidious admits getting the deal done took some confidence. His firm had to spend what he calls a “significant amount of money” pursuing a deal behind a specific performance claim. After analyzing the situation, he decided the business risk worth taking

“Transactions like these are not for the faint of heart,” says Yidios. “We had to make strategic business decisions, one after another at a very fast pace as we had to work through buying a mortgage, postponing a foreclosure, settling two litigations and buying the property. This was a legally intensive set of transactions.”

Florida research manager Chris Owen believes increased demand for office space may lead to the development of new office product in select markets. “One of the more enduring trends during this economic cycle has been the lack of new quality construction in some markets,” Owen tells GlobeSt.com. “This trend has benefitted class B and C buildings and non-traditional office submarkets. Indicators point to an increase in new office construction if underlined demand fundamentals remain constant.”

Find out why the office isn't necessarily an office anymore.