MIAMI—Investors have been eyeing Miami office in recent years, but there are still relatively few trades in the CBD. Crocker Partners, the largest office space owner in Downtown Miami, is diving in yet again with a little help from some of its friends.
CBRE just closed the sale of Brickell Bayview Centre, an office tower in the Brickell Financial District, for $70 million. CBRE marketed the property on behalf of the seller. The buyer was an investment group led by Miami-based Banyan Street Capital, and included Crocker out of Boca Raton, and Independencia, a Chilean Investment Fund.
“The continued westward shift of the submarket's amenity base, along with immediate access to the Metrorail, provides tremendous upside potential to the new ownership through future leasing,” says CBRE vice chairman Christian Lee. Lee worked with colleagues Charles Foschini, Christopher Apone, and Amy Julian on the deal.
Located at 80 Southwest 8th Street, Brickell Bayview Centre is a 33-story office tower located in the heart of Brickell's financial district, next to Mary Brickell Village and the Brickell Metrorail station. The office tower spans 285,595 square feet.
With 16 stories of structured parking below, the office space starts at the 17th floor and offers views of the accompanying cityscape, the Downtown Miami skyline and Biscayne Bay through its floor-to-ceiling glass façade. The property is currently 89% leased to 47 tenants.
Leasing Broker Doug Okun from CREC was also a participant in the marketing of the deal. No buyer representative was involved in the transaction.
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