Miami Investment Volume Increased in April
A total of ten office deals closed in the metro that month, boosting the metro's overall investment volume for the year.
In the first quarter of the year, the metro’s office investment volume added up to merely $209 million, but an acceleration in April saw ten properties traded, comprising a combined of 425,000 square feet. In the first four months of 2021, office product worth $474 million had changed hands in Miami, at an average price of $310 per square foot.
Across gateway cities, Chicago ($202 per square foot), Boston ($266 per square foot) and Washington, D.C. ($343 per square foot) recorded the lowest average prices through the first four month of 2022, while Manhattan ($949 per square foot), Seattle (538 per square foot) and the Bay Area ($515 per square foot) were the priciest.
The largest sale that month was the trade of 555 Washington, a 68,000-square-foot, five-story building in Miami Beach. Boston-based The Davis Cos. picked up the asset for $52.3 million, or $768.5 per square foot—more than double the metro’s average up to that point in 2022. The seller, a partnership of BentallGreenOak and East End Capital, picked up the property in 2018, for $38 million, or $558.8 per square foot.
The trade of the 50Forty on 7th, a medical and professional office building, marked another notable sale in April for the metro. Valoro Capital Partners paid $18 million—or $217.5 per square foot—for the nearly 83,000-square-foot asset to Northeast Capital Group. The seller purchased the property in early 2021, for $14.5 million, or $175.2 per square foot.