CBRE & CREC Co-Broker $58M Deal in Miami Metro
- Jul 06, 2016
Miami—A joint venture between Greenstreet Partners and principals of CREC have sold the 2121 Ponce office building in Coral Gables to a member company of Zurich North America for $57.5 million. This is one of the largest commercial real estate transactions to take place in the city this year.
The CREC team comprising of Warren Weiser, Harry Blyden and Andrew Remick co-brokered the sale of the 164,848 square-foot office asset alongside CBRE’s Christian Lee, Jose Lobon and Andrew Chilgren. Zurich Alternative Asset Management LLC team led by Roy Rosenbaum, director of acquisitions, and Sean Bannon, managing director and head of U.S. Real Estate advised the buyer.
CREC and Greenstreet have undertaken substantial renovations of all common areas since acquiring the asset in 2005, as well as a leasing and marketing program that has repositioned the building as a boutique, service-oriented option for Coral Gables office users. This vision has elevated the property’s occupancy rate to over 95 percent. CREC has served as exclusive leasing agent and property manager throughout this period, and will maintain these roles under the new ownership.
“Our experience at 2121 Ponce is an example of how a building’s value can be maximized by bringing a clear vision to life through creative leasing, construction, marketing and property management strategies,” said Warren Weiser, chairman, CREC. “The investments we’ve made over the past decade have transformed the building into a core institutional-grade asset, leading to this sale. We expect similar acquisition activity in the coming months given high barriers to new development across South Florida.”
Built in 1971 in the Miami Modern architectural style and located in the Coral Gables business district, 2121 Ponce is a 5-story boutique property offering efficient floor plates, a 586-space parking garage, street-level retail space, and a tenant engagement program that includes free health and wellness classes for all employees in the building. The building is home to a number of high-profile tenants, including accounting firm Goldstein Schechter, Fox Latin America, Valley National Bank, the Consulate of Barbados and CREC. POC restaurant is located on the building’s ground floor.
“Coral Gables has long been one of South Florida’s most desirable submarkets, and that position will only grow as office users prioritize locations that are walkable and in close proximity to public transit options,” said CREC Principal Steven Hurwitz, who manages leasing at the building in tandem with CREC’s Doug Okun. “2121 Ponce has emerged as one of the neighborhood’s best addresses over the past decade, particularly among companies in the market for space priced slightly below the rates at newer buildings nearby.”