South Florida’s top office purchases this year roared past 2020’s top sales by wide margins.
The top office sale for South Florida this year was Related Companies’ $282 million purchase of Phillips Point at 777 South Flagler Drive and 201 Lakeview Avenue in West Palm Beach. The sale easily topped last year’s biggest purchase of $163 million. Top sale prices for 2019 and 2018 came in at $159 million and $248.5 million, respectively.
The second largest sale this year was for a 90 percent interest in Citigroup Center in Miami for $270 million. That is more than triple 2020’s second priciest sale of $82.5 million.
The average sale price of the top 10 office sales this year clocked in at $172 million, with an average square footage of 398,309 square feet.
Map by Adam Farence.
Here are 2021’s top office sales, according to data from Real Capital Analytics, CoStar and Colliers International Florida:
Related Companies bought the Phillips Point office towers in West Palm Beach from an AEW Capital Management affiliate for $282 million. The sale of the 448,914-square-foot office complex equated to $628 per square foot.
The investors took over Townsend Group’s 90 percent interest in Citigroup Center, a 34-story office building and adjacent nine-story parking garage at 201 South Biscayne Boulevard in Miami. Crocker Partners, now called CP Group, kept the remaining ownership stake.
Blackstone Group paid about $230 million for office buildings at Brightline’s MiamiCentral station in Miami from San Francisco-based Shorenstein Properties. The deal came on the heels of Blackstone, the investment behemoth founded by Stephen Schwarzman, inking a 41,000-square-foot lease across two floors at 2 MiamiCentral in January.
A joint venture paid $225 million for One Biscayne Tower, an office building in downtown Miami. CP group, formerly Croker Partners, along with funds managed by Rialto Capital Management and Sabal Capital Partners, bought the high-rise building at 2 South Biscayne Boulevard.
Related Companies, led by Miami Dolphins owner Stephen Ross, bought the 18-story building at 525 Okeechobee Boulevard in West Palm Beach from CPT Equity, an affiliate of Greenwich, Connecticut-based W.R. Berkley.