The Real Deal Miami

Rockpoint Group pays $155M for 1221 Brickell office tower

Blackstone Group's Equity One, as well as LaSalle Investment Management sold the tower
By Ina Cordle | April 26, 2017 08:45AM

1221 Brickell

UPDATED April 27, 11 a.m. Rockpoint Group just paid $155 million for 1221 Brickell, a 27-story office tower in Miami’s financial district, a newly recorded deed shows.

The seller is the Blackstone Group’s Equity Office. Records show the firm paid $107.3 million for the building at 1221 Brickell Avenue in 2006. (Blackstone later paid a total of $39 billion in debt and equity for the entire Equity Office portfolio.)

LaSalle Investment Management said it was a joint venture partner with Equity One on the sale. HFF represented the sellers.

The tower at 1221 Brickell was built in 1986 and has more than 408,000 square feet of Class A office space, according to its website. The latest sale price equates to $380 per square foot.

JLL  handles leasing for the tower. Tenants include Delta National Bank & Trust Company, the law firm Allen, Dyer, Doppelt, Milbraith & Gilchrist and American Capital Corp. Ground floor restaurant tenants include Vapiano, Jimmy John’s Famous Sandwiches and Giardano Gourmet Salads.

Boston-based Rockpoint has been on a spending spree in South Florida in recent months. On Tuesday, the private equity firm paid $87 million for a multifamily complex in Pembroke Pines.

Rockpoint also owns other commercial properties in Brickell and in South Beach. In 2015, it paid $113.5 million for Mary Brickell Village and $30 million for a retail building on Lincoln Road. In September, the firm bought the Aloft South Beach for $105 million, and earlier this month, it sold a Key West apartment complex with Mast Capital for nearly $57 million. Rockpoint is also a partner on the Residences by Armani/Casa project in Sunny Isles Beach, which is being developed by Related and Dezer Development.

Correction: A previous version of this story stated that according to the South Florida Business Journal, LaSalle Investment Management was a joint venture buyer of the property. LaSalle is, in fact, a joint venture seller of the tower.