550 Biltmore, Coral Gables, FL
CORAL GABLES—CGI Merchant Group has added a 16-story office building to its portfolio in a deal valued at $54.4 million.
The Miami firm has purchased 550 Biltmore, a 162,293-square-foot, Class A office building in Coral Gables. The deal calculated out to a purchase price of $336-a-square-foot, according to Cushman & Wakefield, which brokered the sale on behalf of a global real estate investment management firm.
550 Biltmore was 89% leased at the time of sale. Major tenants at the pyramid-shaped building include UBS, Compagnie Financière Richemont (Cartier) and Heinemann Americas, Inc.
Raoul Thomas, founder and CEO of CGI Merchant Group, says of the deal, “Since first acquiring 55 Miracle Mile in 2014, our goal has been to continue expanding our footprint in the City Beautiful' of Coral Gables, one of the most desirable suburban office markets in the Southeastern United States. As an investor, this was a strategic decision for us—one that we are confident will contribute to the continued success of CGI in this competitive market.”
Cushman & Wakefield Capital Markets Team of Mike Davis, Miguel Alcivar, Dominic Montazemi, Scott O'Donnell and Rick Brugge, assisted by the office leasing team of Brian Gale and Ryan Holtzman, negotiated the deal for the seller.
“The asset provided investors a rare opportunity to acquire one of South Florida's most iconic landmark office properties in one of the top gateway investments markets in the country,” Davis says. “The property's value-add potential can be realized through upsides in rental rate, building-top signage opportunities and lease-up of current vacancies.”
Alcivar adds, “550 Biltmore's unique design features and white glove concierge-style service, as well as its exceptional and accessible location in Coral Gables, will continue to attract and retain high-end tenants seeking luxurious space with cachet and convenience well into the future.”
The building features distinctive Art Deco architecture and Italian travertine walls with marble and granite accent features, burled walnut elevator cabs and a lobby with polished stone and brushed metallic finishes. The property's tiered design offers varying floor plate sizes, providing outdoor terraces overlooking Coral Gables' historical Mediterranean revival buildings, fountained plazas, world-class golf courses and upscale residential neighborhoods.
550 Biltmore has been institutionally owned and maintained throughout most of its history and was renovated in 2013. The Energy Star rated building offers coveted podium parking as well as valet service, a café, high-end hair salon, WiFi-enabled lobby lounge area and ATM. The property is located two blocks from Downtown Coral Gables' Miracle Mile.
C&W's Gale, Holtzman, Andrew Trench and Jeannette Mendoza serve as exclusive leasing advisor for 550 Biltmore. Cushman & Wakefield also manages the property.
In May, CGI Merchant Group added two new locations to its Nexus Workspaces portfolio in Boca Raton and Boynton Beach.
The two locations added a combined 59,262 square feet of co-working commercial space to CGI Merchant Group's The Nexus Workspaces portfolio. The two properties were acquired by CGI in February.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
