The Real Deal Miami

Florida East Coast Industries sells
Coral Gables HQ

Brightline’s holding company is moving to 3 MiamiCentral in Overtown
By Katherine Kallergis | November 17, 2017 01:12PM

The building at 2855 South Le Jeune Road in Coral Gables with Mike Reininger (Credit: Google Maps, Florida East Coast Industries)

Florida East Coast Industries sold its Coral Gables headquarters as it prepares to move to its MiamiCentral development.

Property records show City National Bank paid $10 million for the office condo building at 2855 South Le Jeune Road. FECI affiliate Sevilla Building Ltd. is the seller.

Fortress Investment Group owns the holding company, which operates Brightline, Flagler Global Logistics and Flagler. Fortress acquired FECI for about $3.5 billion in 2007 and has more than $46 billion of assets under management, according to its website.

Flagler built the four-story, 32,250-square-foot building in 2007, according to a property listing from last year. City National purchased the 16 office condos that make up the fourth floor, where FECI has its corporate office. The Miami bank already owned the retail branch and drive-thru.

FECI is moving to 3 MiamiCentral, where it will take 20,000 square feet at the 90,000-square-foot Class A office building at 161 Northwest Sixth Street, which have an additional 35,000 square feet of retail space, according to a spokesperson.

Other MiamiCentral office tenants include Moss & Associates, Regus, Ernst & Young LLP, Regus and Cisneros. Rental rates are $33 to $35 per square foot, triple net, at 2 MiamiCentral and $29 per square foot at 3 MiamiCentral.

The buildings are part of Brightline’s 11-acre, mixed-use development slated to open soon in Overtown.