The Real Deal Miami

Boston firm picks up BAC Colonnade for $81M

Sale represents Coral Gables' strengthened office market, broker says
July 09, 2013 11:00AM

BAC Colonnade

BAC Colonnade

Boston-based TA Associates Realty paid $81 million for the BAC Colonnade, a 205,452-square-foot Class A office building in Coral Gables, according to the buyer’s broker, Pointe Group Advisors.

The 1926 Spanish revival building, at the corner of Ponce de Leon Boulevard and Miracle Mile in Coral Gables’ Central Business District, was sold by Deka Immobilien Investment GmbH of Germany in an off-market deal.

Tenants of the mixed-use building include The Westin Colonnade Hotel, Morton’s Steakhouse, Sushi Samba, Wells Fargo Advisors and BAC Florida Bank, which operates its headquarters in the building as well as a full-service bank branch.

Privately held TA Associates Realty manages 91 million square feet of commercial real estate and 12,300 residential units in 35 markets nationwide, according to Pointe Group Advisors.

“This sale reflects the strength of the Coral Gables Class A office market,” William Holly, president of Miami-based Pointe Group Advisors, said in a release. –Emily Schmall