Coral Gables office building sells for $50M

A Coral Gables office building sold to a Prudential Real Estate Investors affiliate for $50.2 million.

KPERS Realty Holding #39, which is managed by Boston-based AEW Capital Management, reportedly sold the building to PR 550 Biltmore Way.

The 290,520-square-foot building has 250 covered parking spaces, a cafe, an executive health club and 162,293 square feet of leasable space, according to the South Florida Business Journal. The building last sold in 2004 for $35.8 million. UBS is one of its largest tenants and has its name on the building, the paper reported. [South Florida Business Journal] – Katherine Kallergis