In June, more than 2.2 million square feet of office space across five properties traded in Miami, according to CommercialEdge data. The metro was one of the top performing markets in terms of transaction activity, the total volume of deals closed in the first half of 2021 marking a whopping 223 percent increase compared to the same period last year.
In the first six months of 2021, Miami’s office market has seen $1.25 billion in deals at an average sale price of $294 per square foot. The total volume placed Miami among the top ten U.S. markets for office sales activity in the first half of the year, trailing other gateway markets, such as Manhattan ($2.11 billion) and San Francisco ($1.82 billion), but outperforming Los Angeles ($1.02 billion) and Washington, D.C. ($898 million).
Nearly two thirds of the metro’s volume can be accounted to the sale of three towers in the CBD, two of which were finalized to June. Monarch Alternative Capital acquired a 90 percent stake in Citigroup Center, the second biggest Class A office building in Florida, from Townsend Group. The 34-story, 809,594-square-foot building traded at a total estimated value of $333.3 million.
The second largest deal in June was the $225 million acquisition of One Biscayne Tower, a 1 million-square-foot tower in the heart of downtown Miami. CP Group—formerly known as Crocker Partners—along with funds managed by Rialto Capital Management and Sabal Capital Partners, picked up the 38-story asset from Dow Chemical.
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