NYL Investors buys Brickell City Tower for $117M

Banyan Street Capital, Independencia Asset Management and Crocker Partners sold the 33-story building

Miami /
Oct.October 03, 2018 08:45 AM

80 Southwest Eighth Street

New York Life Investors just paid $117.25 million for the Brickell City Tower, property records show.

A joint venture between Banyan Street Capital, Independencia Asset Management and Crocker Partners sold the 33-story, 291,554-square-foot office tower at 80 Southwest Eighth Street to Madison OFC Brickell FL LLC, an affiliate of NYL. The buyer manages fixed income and real estate assets, and is owned by its parent company, New York Life, according to its website.

CBRE’s Chris Lee, José Lobón, Amy Julian and Marcos Minaya worked on the deal, which closed on Friday, a spokesperson said.

The Banyan, Indepencia and Crocker partnership recently completed a $6.4 million renovation of the building that included a new lobby, renovations to the common areas, elevator upgrades and a new conference center and tenant lounge. It was built in 1985 and is 87 percent leased to tenants that include the candy maker Mars Inc. and Uber.

Brickell City Tower last sold for $70 million in 2013. The building is next to Solitair Brickell, a 50-story luxury apartment tower that Zom Living completed this summer, and near Brickell City Centre.

Crocker Partners has been active in South Florida this year. In May, it sold the nearby SunTrust International Center office tower at 1 Southeast Third Avenue to PCCP for $127 million after completing a $13.5 million renovation, and plans to sell the parking garage to Tel Aviv-based Mishorim Development Group for $18.5 million.

The firm partnered with Rialto Capital Management to buy the Boca Raton Innovation Campus for $179.3 million in April in the biggest office sale in the tri-county region since 2016.


Related Articles

arrow_forward_ios
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Black Lion CEO Robert Rivani with SLS Lux Brickell (LinkedIn via Rivani, Facebook via SLS Lux Brickell)
Black Lion buys SLS Lux Brickell retail condo for $14M
Black Lion buys SLS Lux Brickell retail condo for $14M
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Nadim Ashi of Fort Partners with the hotel (Four Seasons, Fort)
Fort Partners buys Four Seasons Brickell hotel for $130M
Fort Partners buys Four Seasons Brickell hotel for $130M
Guillermo Lasso and the Asia Brickell Key condo in Miami
Ecuadorian president’s alleged Florida real estate ties raise questions
Ecuadorian president’s alleged Florida real estate ties raise questions
Moishe Mana and the downtown parking lot he purchased (Google Maps, Getty)
Moishe Mana expands downtown Miami assemblage with $12M purchase
Moishe Mana expands downtown Miami assemblage with $12M purchase
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...