Metro Miami Office Building Sells for $54M
- Jun 25, 2019
CGI Merchant Group has acquired 550 Biltmore, a 162,293-square-foot, Class A office building in Coral Gables, Fla. The Miami-based company purchased the asset for $54.4 million, or $336 per square foot. Cushman & Wakefield assisted seller PGIM Real Estate in the transaction. According to Yardi Matrix data, PGIM payed $50.2 million for the property in 2014.
550 Biltmore is the second property CGI purchases in Coral Gables. In 2014, the company became the owner of 55 Miracle Mile, a 65,000-square-foot mixed-use development located less than a mile east of 550 Biltmore.
Class A offices in prime location
Situated at 550 Biltmore Way in Coral Gables’ CBD, just two blocks from Miracle Mile, the promenade boasting numerous boutique shops, galleries, cafés and restaurants. Downtown Miami is only 5 miles east from the property, while Miami International Airport is roughly 5 miles north.
Developed in 1986 and renovated in 2013, the 16-story, pyramid-shaped construction features varying floorplates, providing outdoor terraces overlooking Coral Gables’ historical buildings, plazas and neighboring golf courses. Amenities include valet service, a café, hair salon, lounge area and a parking ratio of two per 1,000 square feet. The property was 89 percent leased at the time of the sale, with the tenant roster including UBS, Cartier and The Plastic Surgery Institute of Miami.
Cushman & Wakefield is in charge of property management at 550 Biltmore. The company’s capital markets team of Mike Davis, Miguel Alcivar, Dominic Montazemi, Scott O’Donnell and Rick Brugge, assisted by the office leasing team of Brian Gale and Ryan Holtzman, negotiated the transaction on behalf of the seller. Davis, Alcivar, Montazemi and Brugge also facilitated the recent $21 million sale of a 91,221-square-foot office building near Fort Lauderdale, Fla.