The Real Deal Miami

Prudential buys Sabadell Bank building

April 19, 2013 10:00AM

Sabadell bank building

Prudential Real Estate Investors paid $184 million for Miami’s Sabadell Bank building, the South Florida Business Journal reported, citing unnamed sources.

The Robert Allen law firm announced the $184 million price without identifying the buyer, but the Journal said it learned from sources in March that it was an off-market deal between the current owner, Spain’s Testa Inmuebles en Renta, and Prudential. Testa is the property-rental arm of Sacyr Vallehermoso, one of Europe’s largest commercial real estate and construction conglomerates.

“This is one of the most important commercial office building transactions in South Florida in recent years,” Bob Allen, who led representation for Testa, told the Journal.

The 30-story, 525,000-square-foot building at 1111 Brickell Ave. last sold in 2002 for $132 million, the Journal reported. [South Florida Business Journal] – Emily Schmall