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Brickell Avenue Building Being Offered as Prime Redevelopment Site

Avison Young Retained to Market Banco Santander Building in Miami
November 10, 2017
The Banco Santander Building in downtown Miami is for sale, but prospective buyers are likely more interested in the land than the 15-story tower sitting atop it.

Avison Young's listing flyer describes the 188,138-square-foot building at 1401 Brickell Ave. as a, "One-of-a-kind redevelopment opportunity," between the most prominent buildings in the corridor: the Four Seasons and Brickell Arch.

There is no asking price, and a call for offers was set for Nov. 1.

Services and Promotions LLC, an entity tied to Santander, acquired the building in April 2008 from Tesran SA for $114 million, or $606 per square foot, according to CoStar data.
See CoStar COMPS #1528442.

Avison Young's David Duckworth, Michael T. Fay and John K. Crotty referred calls to bank spokeswoman Ann Davis, who said Santander plans to work with the new owner on a short-term leaseback deal, adding that private banking group Banco Santander International remains committed to staying in Miami.

"Over the last several years," Davis said, "Santander has made substantial improvements to the Brickell building, enhancing its quality and comfort for the benefit of clients and employees, making the building an attractive investment for prospective buyers."

Banco Santander International is the lead tenant in the building, which was constructed in 1974. With the bank looking to move, and other tenants there on short-term leases, the new owner could easily tear it down and redevelop the site, commercial real estate observers say.

"Brickell has become a major international destination for businesses, tourists and part-time residents from around the world," said Jonathan Kingsley, an executive vice president with Colliers International South Florida. "As those dynamics continue to grow, the demand for quality residential, office and retail becomes more profound. There are a very limited number of development sites on the east side of Brickell, and the 1401 site is currently the most viable to serve the demand."

Ryan Levy, a Cushman & Wakefield senior director, said the building is the last available signature property on the street.

"Based on the potential sales price, the highest and best use for the site is mixed-use, meaning retail on the ground floor, a portion of office space (mid-rise level), then high-end condos and maybe a hotel flag at the top of the building," said Levy. "This site will most likely sell to a foreign entity looking to make a splash in the high-profile Brickell submarket."

Paul Owers, South Florida Market Reporter  CoStar Group   
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