Rockpoint Pays $155M for Miami Office Tower

An affiliate of Blackstone Group's Equity Office and LaSalle Investment Management sold the Class A office property located in the city’s premier Brickell Financial District.

An affiliate of Blackstone Group’s Equity Office and LaSalle Investment Management sold 1221 Brickell, a 408,423-square-foot office tower located in Miami’s Brickell Financial District. The asset traded for $155 million to Rockpoint Group, according to South Florida Business Journal.

Senior Managing Director Hermen Rodriguez, Executive Managing Director Manny de Zarraga, Director Ike Ojala, Associate Director Tracey Good and Senior Analyst Christina Kong of HFF represented the owner. According to Yardi Matrix data, the asset last traded in 2006 for $107.2 million, or $263 per-square-foot. The prior owner, AFA Asset Services, was also represented by HFF.

The tower is located on the corner of Brickell Avenue and Coral Way in Miami’s premier office submarket. The asset is situated close to major roadways, hotels and restaurants. The 27-story Class A office asset occupies an entire city block and offers tenant amenities such as restaurants, lobby coffee shop, a conference facility, 24-hour security, dry cleaning services, a 5,000-square-foot daycare center, car wash facility and ample parking in the multi-level parking structure attached to the building.

Completed in 1986, the property underwent cosmetic renovations in 2007, and was awarded LEED Gold certification in 2015. Additionally, the asset has an Energy Star rating of 86 for 2016. The office load factor is 26 percent and the average floor plate size is approximately 27,000 square feet.

The asset is leased to a high-quality roster of local, national and multinational tenants, including Lydecker Diaz, Regus, Banco Do Brasil, Safra National Bank of New York and Clyde & Co.

HFF has closed more than $45.3 billion in investment sales transactions nationally from the beginning of 2016 through the first quarter of 2017. Its office sales portfolio includes roughly 5 million square feet of space in South Florida.

This offering attracted top domestic and foreign investors as the Miami CBD continues to be a very sought after market,” said Rodriguez in a prepared statement.

Images courtesy of 1221 Brickell