Eaton Vance Snaps Up $50M Miami Office
- Apr 21, 2008
The 147,900-square-foot office property at 333 Miami Ave. in Miami has been snapped up by Eaton Vance Corp.’s Eaton Vance Management on behalf of an investment fund under its management. The building is valued at approximately $50 million.The seller of the four-year-old property, also known as One Riverview Square, was Rubicon America, which came into possession of the building through a $560 million 14-property office portfolio purchase in July 2006. Sited downtown within view of the Miami River, the property is home to two federal government agencies that occupy the building under long-term leases; an office of the Department of Homeland Security has a hold on 127,200 square feet of 333 Miami through 2018, and the Department of Social Security occupies the remaining space. Office property in Miami’s Central Business District is highly coveted. The current occupancy level downtown is 7.7 percent, according to a first quarter report by real estate services firm Grubb & Ellis Co. “No new construction has been delivered in the last few years downtown, and there has been positive absorption,” Evan Davis, research services manager with Grubb & Ellis, told CPN today. “And the overall trend is likely to be sustained, banning any other significant economic downturn.” The suburbs, however, are not faring quite as well, with vacancy rates averaging at 10.5 percent. “There has been some select delivery of new product and tenants have been downsizing or consolidating,” Davis said of the contrast between the two submarkets. The Riverview transaction marks Eaton Vance’s second purchase of the month. During the first week of April, the company acquired a 218,400-square-foot office and R&D property on 14.5 acres in Santa Clara, Calif., for an estimated $53 million. Eaton Vance Management is a subsidiary of Boston-based Eaton Vance Corp., which had $152.9 billion under management as of the close of January and a stock opening today of $34.40 per share.