The Real Deal Miami

Tishman Speyer sells Brickell Key office complex

Orlando investor pays $146M for two-building Courvoisier Centre
April 11, 2014 10:30AM

Courvoisier Centre

Courvoisier Centre

An Orlando investor announced its acquisition of the Courvoisier Centre office complex in Miami’s Brickell Key.

Parkway Properties released a statement on Wednesday revealing it paid about $146 million, or $422 per square foot, for the two-building complex at 501 Brickell Key Drive. New York-based Tishman Speyer sold the Class A buildings to Parkway. The transaction has not been recorded by Miami-Dade County.

The transaction was first reported locally by South Florida Business Journal. JLL brokers Jeff Morris, Denny St. Romain and Jubeen Vaghefi arranged the sale.

A $10 million renovation of the complex was completed last year, according to Parkway. The 346,000-square-foot Courvoisier Centre is more than 83 percent leased.

“The acquisition of Courvoisier Centre supports our strategy of acquiring best-in-class assets within the strongest submarkets across the Sunbelt,” Parkway president and CEO James Heistand said in the company’s announcement. “The buildings’ high-end amenity base, along with available parking infrastructure and water views, makes Courvoisier Centre a highly desirable asset.” — Eric Kalis