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Tishman Speyer sells Brickell Key office complex
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