The Real Deal Miami

NYL Investors buys Brickell City Tower for $117M

Banyan Street Capital, Independencia Asset Management and Crocker Partners sold the 33-story building
By Katherine Kallergis | October 03, 2018 08:45AM

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.