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Miami's Brickell Bayview Centre Sold for $70M

Banyan Street Capital JV Acquires 286,000-SF Office Tower
March 19, 2013
Colony Realty Partners has sold the Brickell Bayview Centre at 80 SW 8th St. in Miami, FL to a group of investors led by Banyan Street Capital and including Crocker Partners LLC and Chilean investment fund Independencia, for $70 million, or about $245 per square foot.

The 33-story, 285,595-square-foot, landmarked office tower was built in 1986 on 2.4 acres in the Brickell Financial District submarket of Miami/Dade County, next to Mary Brickell Village and the Brickell Metrorail station. The building features 16 stories of parking and spectacular views of the Miami skyline and Biscayne Bay from its floor-to-ceiling glass facade. The asset is currently 89 percent leased to 47 tenants.

"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," said CBRE vice chairman Christian Lee.

Christian Lee, Charles Foschini, Christopher Apone and Amy Julian with CBRE's Miami institutional group represented the seller, with marketing assistance from leasing broker Doug Okun at CREC. The buyer handled the deal in-house.

Please see CoStar COMPS #2699426 for additional information on this transaction.
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