The Real Deal Miami

Key Biscayne developer spends $21M on offices

LLC led by Eric Soulavy plans to renovate building and add medical tenants

September 22, 2015 11:15AM
By Katherine Kallergis

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Eric Soulavy and the view from the Key Biscayne Office Centre

Eric Soulavy and the view from the Key Biscayne Office Centre

A company tied to developer Eric Soulavy paid $20.75 million for an office property in Key Biscayne, The Real Deal has learned.

240 Crandon Investments LLC acquired the 45,000-square-foot office building at 240 Crandon Boulevard, Soulavy told TRD. The property, known as Key Biscayne Office Centre, is 85 percent leased to a combination of medical and professional tenants. Plans are to renovate the common areas, vacant space and to sign “several significant medical tenants,” he said.

“Our planned modern renovation will allow residents of Key Biscayne to have a Class A office without having to leave the Key,” Soulavy, who co-developed 101 Key Biscayne, said. The boutique condo project with 11 units was completed in June.

Key Biscayne Properties LLC was the seller of the latest property, according to Miami-Dade County records. The two-story building sits on 1.85 acres and was developed in 1980. It last sold for $19.7 million, records show.

In August, a company led by Soulavy paid $15 million for a strip mall, parking lot and restaurant at 12 and 21 Crandon Boulevard in Key Biscayne.