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Tishman Re-Enters Second Eastern Market This Month

Global Investor Acquires Courvoisier Centre in Miami From Florida Office Property Co.
April 18, 2007
Tishman Speyer has re-entered Miami market in a big way, acquiring the Class A Courvoisier Centre on Brickell Key Drive.

The principals involved in the deal could not confirm the price, but reports in The Miami Herald value the deal at around $150 million, or $458 per square foot.

The property is the first Miami acquisition in more than two decades for Tishman, the New York-based global real estate investor and developer that owns Manhattan's Rockefeller Center. The firm exited the market in the 1980s.

"We have been interested in re-entering the Florida market for some time and wanted to find a great property," said Jerry I. Speyer, president of Tishman. "We are excited to acquire Courvoisier Centre and about the long-term potential of the Miami market."

Earlier this month, Tishman bought back into the Northern New Jersey market after a five-year absence by acquiring the 910,000-square-foot Metropark Corporate Center near Newark Liberty International Airport.

Courvoisier Centre is the only office space that will ever be developed on Brickell Key, an exclusive gated community consisting of residential condominiums, upscale retail and the five-star Mandarin Oriental Hotel Island. The 326,660-square-foot, two-building complex was developed in 1986 and 1990 by Swire Properties Limited, which is based at the Centre.

Courvoisier Centre I, at 501 Brickell Key Drive, stands seven stories and contains 97,087 square feet. Courvoisier Centre II, at 601 Brickell Key Drive, stands 12 stories and contains 207,489 square feet. The offering also includes a 923-space parking garage, the sole parking garage on the island, and 22,084 square feet of arcade-style retail space (10 units) adjacent to the parking garage.

Jones Lang LaSalle's Capital Markets Group, led by Tom Beneville and also including Jubeen Vaghefi and Jay Miele, began marketing the complex for Florida Office Property Co. last October. At the time, they reported to CoStar that they expected the property to fetch in excess of $170 million.

For more information, please refer to CoStar COMP #1283625.

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