Owner of co-working firm pays $54.4M for Coral Gables office landmark

CGI Merchant Group paid $336 per square foot for the pyramid-shaped, 16-story building, which was 89% leased at closing

Miami /
Jun.June 22, 2019 03:00 PM

550 Biltmore in Coral Gables

Miami-based private equity firm CGI Merchant Group paid $54.4 million for 550 Biltmore, a 16-story office building in Coral Gables.

CGI, which owns co-working space operator Nexus Workspaces, paid $336 per square foot for 550 Biltmore.

CGI recently opened two new Nexus Workspaces locations at commercial properties in Boca Raton and Boynton Beach that the firm acquired for a total of $9.4 million.

Built in 1986 at 550 Biltmore Way, the 16-story, pyramid-shaped 550 Biltmore  building was 89 percent leased at the time of sale.

Office tenants of the 162,293-square-foot building include UBS, Heinemann Americas Inc. and Compagnie Financiére Richemont, owner of the Cartier brand.

The Coral Gables building has an Art Deco architectural design. Its interior features include Italian travertine walls with marble and granite accents, burled walnut elevator cabs, and polished-stone and brushed-metal finishes in the lobby.

The office building “has been institutionally owned and maintained throughout most of its history and was renovated in 2013,” according to a press release issued by Cushman & Wakefield.

With assistance from office-leasing team Brian Gale and Ryan Holtzman, the Cushman & Wakefield Capital Markets team of Mike Davis, Miguel Alcivar, Dominic Montazemi, Scott O’Donnell and Rick Brugge negotiated the sale of 550 Biltmore on behalf of “a global real estate investment manager,” according to the press release. The exclusive leasing-advisory team for the property includes Gale, Holtzman, Andrew Trench and Jeannette Mendoza.

The South Florida Business Journal reported in 2014 that an affiliate of Prudential Real Estate Investors acquired the 550 Biltmore building for $50.2 million. – Mike Seemuth


Related Articles

arrow_forward_ios
Stephen Ross (Getty) with Esperanté Corporate Center at 222 Lakeview Avenue in West Palm Beach
Related Companies buys half ownership interest in West Palm office tower
Related Companies buys half ownership interest in West Palm office tower
Brookfield Property Group CEO Brian Kingston and  a rendering of 15800 Southwest 25th Street (Brookfield, Rendering courtesy of Newmark)
Brookfield buys Comcast-leased Miramar building for $29M
Brookfield buys Comcast-leased Miramar building for $29M
Feldman Equities exec Larry Feldman and the Pinnacle Corporate Park office complex (Avison Young, iStock)
Feldman Equities buys Fort Lauderdale office complex for $59M
Feldman Equities buys Fort Lauderdale office complex for $59M
Grant Cardone and 18851 Northeast 29th Avenue in Aventura (Getty, Google Maps)
Grant Cardone buys Aventura office complex for $93M
Grant Cardone buys Aventura office complex for $93M
2828 South Seacrest Boulevard with ShareMD executives John Bardis and George Scopetta (Google Maps, LinkedIn)
ShareMD buys Boynton Beach medical office building for nearly $7M
ShareMD buys Boynton Beach medical office building for nearly $7M
CityPlace Tower and Related Companies founder Stephen Ross (Related, Getty)
Related Companies buys West Palm Beach office tower for $175M
Related Companies buys West Palm Beach office tower for $175M
Renderings of the Sunset Harbour project with Marc Rowan and Deco Capital Group's Bradley Colmer (Linkedin, Getty)
Deco Capital moves forward with new version of long-planned Sunset Harbour mixed-use development
Deco Capital moves forward with new version of long-planned Sunset Harbour mixed-use development
Ronny Finvarb and a rendering of the hotel (GEK Architecture)
Miami Beach residents rally against proposed hotel in Sunset Harbour
Miami Beach residents rally against proposed hotel in Sunset Harbour
arrow_forward_ios

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

Loading...