The Real Deal Miami

Gramercy offloads Weston office park for $115M

Trust will net $47.4 million from sale after expenses

January 14, 2016 12:45PM
By Sean Stewart-Muniz

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The Weston Pointe I office building, one of four sold by the Gramercy Property Trust

The Weston Pointe I office building, one of four sold by the Gramercy Property Trust

UPDATED 01/14/2016 1:10 p.m.: That didn’t take long: Just two weeks into the new year and South Florida has seen two real estate deals valued at more than $100 million each.

For this most recent deal, the Gramercy Property Trust has sold its four-building office campus in Weston for a whopping $114.8 million, according to data from CoStar.

The Class A office properties are located at 2100, 2200, 2250 and 2400 North Commerce Parkway. The four-story buildings were built between 1999 and 2005.

Gramercy owns an 80-percent stake in the campus and will score a net proceed of $47.4 million from this sale, according to a news release. The other 20 percent is owned by Duke Realty, another real estate investment trust headquartered in Indianapolis.

County records show the buyer is New York Life Real Estate Investors, the property investment arm of the New York Life Insurance Co. The sale equates to about $296 per square foot.

Duke was originally the sole owner of the Weston office park, but later sold an 80 percent stake to the CB Richard Ellis Realty Trust as part of an office deal valued at $516 million. The CBRE Realty Trust merged with Gramercy in 2015.

This latest deal is part of a bigger move by Gramercy to sell off its portfolio of single and multi-tenant office buildings. The trust hopes to pare down its suburban office holdings by 75 percent. Another $386 million worth of the trust’s office assets are under contract to be sold nationwide, while $300 million in assets are still up for sale, according to a news release.

Here’s a breakdown of each building:

  • 2250 North Commerce Parkway: Year built, 2001 | 97,178 square feet | 100 percent leased
  • 2100 North Commerce Parkway: Year built, 2005 | 96,175 square feet | 100 percent leased
  • 2200 North Commerce Parkway: Year built, 2002 | 97,180 square feet | 89.7 percent leased
  • 2400 North Commerce Parkway: Year built, 1999 | 97,579 square feet | 83.3 percent leased
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