Banyan Street Capital buys Weston office complex for $52M

Seller renovated property after buying it in 2015 for $25M

Miami /
May.May 10, 2021 11:30 AM
 Banyan Street Capital CEO Rudy Prio Touzet and KBS CEO Charles Schreiber Jr. with Weston Corporate Center (KBS)

Banyan Street Capital CEO Rudy Prio Touzet and KBS CEO Charles Schreiber Jr. with Weston Corporate Center (KBS)

UPDATED: MAY 12, 9 a.m.: Banyan Street Capital bought the renovated Weston Corporate Center for $52.25 million.

Office investor Banyan Street Capital in a joint venture with Independencia Asset Management, both based in Miami, bought the two-building complex at 2500 Weston Road and 2700 South Commerce Parkway from Newport Beach, California-based KBS, according to a news release.

Christian Lee and José Lobón of CBRE represented KBS in the deal.

A deed shows private equity office investor KBS, which is an SEC-registered investment adviser, bought the two-building, 149,103-square-foot campus in 2015 for $46.75 million.

The Weston Corporate Center I and II buildings were built in 1997 and 1998 on 3.4 acres, according to property records.

KBS, led by Charles Schreiber Jr., gave the four-story buildings a facelift over the past three years by adding a coffee bar and replacing the furniture in atrium lobbies, and by renovating bathrooms, according to the release. Some of the structural improvements include a new roof on one of the buildings and a renovated lakeside resting area.

The campus is 94 percent leased, according to the release. Tenants include DHL, Raymond James and Boston Scientific medical group.

Office real estate owner-operator Banyan Street Capital, founded and led by Rudy Prio Touzet, is a heavy investor on the Eastern seaboard, with a 12 million-square-foot portfolio valued at $3 billion, according to its website.

Its South Florida properties include a pair of seven-story buildings near the intersection of Northwest 36th Street and Northwest 87th Avenue in Doral, purchased in September for $43 million.

In 2019, Banyan was a co-seller with DRA Advisors in the $123 million deal for the Offices at Flagler Station in Medley and the Offices at Doral Square.

Broward County office leasing in the first quarter was down 52 percent, year-over-year, but market experts are betting on a turnaround, according to a CBRE report. Leasing is expected to pick up in the second half of the year.

In one of the notable Broward County office sales this year, Vision Properties bought the Cypress Financial Center in January for $44.2 million.






    Related Articles

    arrow_forward_ios
    Terra’s David Martin and 1177 Kane Concourse (Google Maps)
    Terra paid $32M for Bay Harbor Islands development site
    Terra paid $32M for Bay Harbor Islands development site
    T-Mobile store logo (Getty) and 4850 Northwest 103rd Avenue in Sunrise, Florida (Google Maps)
    Des Moines investment firm pays $26M for T-Mobile data center in Sunrise
    Des Moines investment firm pays $26M for T-Mobile data center in Sunrise
    Fuse Group Investment CEO Eyal Peretz and attorney Michael Ehrenstein (Fuse, Ehrenstein Sager, Twitter via GUT Miami)
    Fuse Group acquires Security Building in downtown Miami, plans to sue WeWork for alleged lease breach
    Fuse Group acquires Security Building in downtown Miami, plans to sue WeWork for alleged lease breach
    The Avenue Apartments at 6220 Reese Road in Davie (Photo via Avenue Davie)
    Boardwalk Properties sued for alleged racial discrimination
    Boardwalk Properties sued for alleged racial discrimination
    1007 West Prospect Road in Fort Lauderdale and 999 West Prospect Road in Oakland Park
    Seattle investors buy Fort Lauderdale, Oakland Park apartment buildings for $7M
    Seattle investors buy Fort Lauderdale, Oakland Park apartment buildings for $7M
    3050 Coral Springs Drive in Coral Springs; 1361 Southeast Fourth Street in Deerfield Beach and clips from the complaints. (Google Maps, District Court of Southern Florida)
    SEC charges South Floridians in alleged $9M real estate scam
    SEC charges South Floridians in alleged $9M real estate scam
    Greg Norman and Tommy Hilfiger (Getty, iStock)
    Buy this, sell that: South Florida luxury homeowners reshuffle during resi boom
    Buy this, sell that: South Florida luxury homeowners reshuffle during resi boom
    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
    arrow_forward_ios

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

    Loading...