The Real Deal Miami

Brazilian owners of 777 Brickell take out $50M mortgage

Owners are linked to Brazilian construction company Construtora ARG

May 03, 2016 09:45AM
By Ina Cordle

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SunTrust Bank building, Adolfo Geo Filho and his wife, Lilian De Almeida Geo

SunTrust Bank building, Adolfo Geo Filho and his wife, Lilian De Almeida Geo

Alliance Re Holdings, the Brazilian group that bought the SunTrust building at 777 Brickell Avenue last year, just took out a $50 million mortgage on the property.

Citibank is the lender, county records show.

Alliance Re purchased the SunTrust building for $140 million in February 2015.

Company managers Adolfo Geo Filho, Rodolfo Giannetti Geo, Jose De Lima Geo Neto, Euler Miranda Da Costa and Antonio De Padua Pereira are tied to Brazilian construction company Construtora ARG, based in Belo Horizonte in the state of Minas Gerais.

Geo Filho, Giannetti Geo and De Lima Geo Neto are sons of Adolfo Geo, who founded ARG about 35 years ago. ARG has worked on major public infrastructure projects in Brazil relating to roads, metro systems, airports, mining and dredging, as well large private projects. The company has also worked on projects in other South American countries as well as Africa, according to a 2011 “O Empreiteiro” (The Contractor) magazine article. At the time, ARG had about 6,000 employees and an annual revenue of more than $1 billion.

The 13-story 777 Brickell office building in Miami has 288,485 square feet and is attached by walkway to an adjacent five-story parking garage. Major tenants include SunTrust Bank, Truluck’s and Quest Workspaces.

Geo Filho bought an Ocean 4 Sunny Isles Beach condo with his wife, Lillian De Almeida Geo, in 2007 for $1.36 million. A mortgage for the $140 million Brickell sale was not recorded.