Miami Green office tower sold: $39.2M

Miami Green office tower (inset: iStar Chairman and CEO Jay Sugarman)
Miami Green office tower (inset: iStar Chairman and CEO Jay Sugarman)

Miami Green, a 13-story office tower near Coral Gables that hit the market in February at $45 million, has sold for $39.2 million.

The Class A office building at 3150 Southwest 38th Avenue has 115,849 square feet of rentable space, and is 83 percent occupied and 91 percent leased. Built in 2008, the building is LEED certified. Tenants include the Consulate General of Brazil, Morrison Brown Argiz & Farra and Ouelette Group Physicians.

According to the deed, the buyer is Jacques Berrebi, chairman emeritus of Paris-based Teleperformance SE, a customer service, technical support and sales call outsourcing company.

The seller is New York-based iStar, a publicly-traded real estate investment trust with a $5.2 billion portfolio, according to its website. A former lender on the property, the REIT obtained it through foreclosure actions for $200,100, according to Miami-Dade property records. The prior owner, Miami Green Tower I, led by Jim Davis, had paid $11 million for the land in 2006, records show.

IStar put the property on the market because “they stabilized it and now it’s time to sell,” George Vail, managing director of Ackman-Ziff Real Estate Group, who marketed the property along with Mark Rutherford of Ackman-Ziff‘s Miami office, told The Real Deal in February.

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The building is near the Douglas Station mixed-use project proposed by 13th Floor Investments and the Adler Group, alongside the Metrorail station. It is also close to the Shops at Merrick Park.

“It’s in an A-plus location,” Vail had said, “in the epicenter of Coral Gables.”

Nearby, downtown Coral Gables is in midst of a transformation. The city has at least 40 projects, 2,700 residential units, 1.5 million square feet of office space and 740 hotel rooms in the pipeline.

The city is also undertaking a $20 million streetscape project for Miracle Mile and Giralda Avenue. It calls for more green spaces and improved pedestrian areas, such as wider sidewalks, outdoor dining areas and mid-block parks and plazas.