The Real Deal Miami

Orlando firm borrows $106.5M for Courvoisier on Brickell Key

Parkway Properties acquired the complex in 2014 for $145.8 million

February 09, 2016 05:00PM
By Katherine Kallergis

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Courvoisier Centre in Brickell Key

Courvoisier Centre in Brickell Key

Orlando-based Parkway Properties has mortgaged the Courvoisier Centre in Brickell Key, county records show.

A Parkway affiliate closed on a $106.5 million loan for the properties at 501 Brickell Key Drive and 601 Brickell Key Drive. That includes two office buildings and a parking garage that make up the Courvoisier Centre. Keybank National Association is the lender.

David O’Reilly, Parkway’s chief financial officer, told The Real Deal that the mortgage is the first for the Courvoisier Centre. He said it will be used for recapitalization and that the property has been substantially improved in recent years.

The complex includes one eight-story, 133,755-square-foot office building, built in 1986, and one 13-story, 252,086-square-foot office building, built in 1990. The garage is five stories tall and spans 283,925 square feet, according to Miami-Dade County property records.

According to Parkway’s website, available spaces for rent range from 1,162 square feet to 8,804 square feet. Transwestern is the leasing agent. The office buildings feature water views, corner offices, balconies, banking facilities, a gourmet grocery store, an on-site dry cleaner and retail stores. Parkway acquired the complex in 2014 for $145.8 million, records show. Tishman Speyer was the seller.

Swire Properties is a major developer and property owner on the man-made island. The Hong Kong-based firm, which is developing Brickell City Centre over the bridge, has plans for more on Brickell Key. Swire wants to develop the last vacant parcel into as many as 668 residential units.