{"id":1004113460,"date":"2015-02-16T07:02:17","date_gmt":"2015-02-16T15:02:17","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004113460"},"modified":"2022-12-04T00:12:27","modified_gmt":"2022-12-04T08:12:27","slug":"cbre-closes-sizable-sale-of-miami-office-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cbre-closes-sizable-sale-of-miami-office-tower\/","title":{"rendered":"CBRE Global Investors Closes Sizable Sale of Miami Tower"},"content":{"rendered":"

By Scott Baltic, Contributing Editor<\/i><\/p>\n

\"Christian<\/a>

Christian Lee, CBRE<\/p><\/div>\n

CBRE Capital Markets has closed the sale, for $140 million, of 777 Brickell Ave., Miami, a 288,485-square-foot office tower with an adjacent five-story parking structure, it announced Thursday, the same day the deal closed, according to a CBRE spokesperson.<\/p>\n

CBRE had marketed the property on behalf of an institutional investor advised by CBRE Global Investors, and the purchaser was a private South American investment group. CBRE declined to provide further information about the transaction.<\/p>\n

The 13-story building is at the intersection of Brickell Avenue and Southeast 8th Street and reportedly is one of only two Brickell Avenue office buildings with a waterfront location. The property is currently 93 percent leased to 29 tenants.<\/p>\n

\u201cMiami continues to draw significant capital from intelligent, well-informed investors. 777 Brickell, one of only four waterfront sites on Brickell Avenue, is just the latest example of that,\u201d CBRE vice chairman Christian Lee said in a release.<\/p>\n

The CBRE Capital Markets, Institutional Properties team that marketed the building for sale and negotiated the transaction on behalf of the seller included Lee, vice chairman Charles Foschini, first vice president Christopher Apone, vice president Amy Julian and senior associate Jos\u00e9 Lob\u00f3n.<\/p>\n

Leasing brokers Brian Gale and Andrew Trench of Taylor & Mathis, Kennesaw, Ga., also participated in marketing the deal.<\/p>\n

The outlook for the Miami-Dade office market is \u201cpromising,\u201d according to a late 2014 report by Marcus & Millichap, because of steady job growth coupled with a meager pipeline of new office developments. Average office vacancy was projected to fall 190 basis points in 2014, to 14.8 percent, which was still well above the pre-recession figure of 10.1 percent.<\/p>\n

The first phase of the $1 billion\u2013plus Brickell City Centre is slated for completion this year, the report noted. That portion will include 128,580 square feet of office, a 264-room hotel and 520,000 square feet of retail and restaurants, as well as both residential condos and rental apartments.<\/p>\n

As reported by Commercial Property Executive<\/i> in December, MG Properties, Florida East Coast Realty and Corigin Real Estate Group will team up to develop 1201 Brickell Bay Drive<\/a>, a 1.8-million-square-foot luxury residential development in the Brickell Corridor. Plans for the 2.5-acre property call for two main towers in excess of 60 stories.<\/p>\n","protected":false},"excerpt":{"rendered":"

An institutional investor advised by CBRE\u2019s investment management affiliate is taking advantage of Miami’s “promising” office market.<\/p>\n","protected":false},"author":882,"featured_media":1004113464,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21747],"tags":[],"class_list":["post-1004113460","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-office"],"acf":[],"yoast_head":"\nCBRE Global Investors Closes Sizable Sale of Miami Tower - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cbre-closes-sizable-sale-of-miami-office-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBRE Global Investors Closes Sizable Sale of Miami Tower\" \/>\n<meta property=\"og:description\" content=\"An institutional investor advised by CBRE\u2019s investment management affiliate is taking advantage of Miami's "promising" office market.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cbre-closes-sizable-sale-of-miami-office-tower\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-02-16T15:02:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-04T08:12:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/02\/Christian-Lee.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"376\" \/>\n\t<meta property=\"og:image:height\" content=\"336\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cbre-closes-sizable-sale-of-miami-office-tower\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/cbre-closes-sizable-sale-of-miami-office-tower\/\",\"name\":\"CBRE Global Investors Closes Sizable Sale of Miami Tower - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cbre-closes-sizable-sale-of-miami-office-tower\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cbre-closes-sizable-sale-of-miami-office-tower\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/02\/Christian-Lee.jpg\",\"datePublished\":\"2015-02-16T15:02:17+00:00\",\"dateModified\":\"2022-12-04T08:12:27+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cbre-closes-sizable-sale-of-miami-office-tower\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/cbre-closes-sizable-sale-of-miami-office-tower\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cbre-closes-sizable-sale-of-miami-office-tower\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/02\/Christian-Lee.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/02\/Christian-Lee.jpg\",\"width\":376,\"height\":336,\"caption\":\"Christian Lee\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cbre-closes-sizable-sale-of-miami-office-tower\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"CBRE Global Investors Closes Sizable Sale of Miami Tower\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\",\"name\":\"Scott Baltic\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96\",\"caption\":\"Scott Baltic\"},\"description\":\"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"CBRE Global Investors Closes Sizable Sale of Miami Tower - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/cbre-closes-sizable-sale-of-miami-office-tower\/","og_locale":"en_US","og_type":"article","og_title":"CBRE Global Investors Closes Sizable Sale of Miami Tower","og_description":"An institutional investor advised by CBRE\u2019s investment management affiliate is taking advantage of Miami's \"promising\" office market.","og_url":"https:\/\/www.commercialsearch.com\/news\/cbre-closes-sizable-sale-of-miami-office-tower\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2015-02-16T15:02:17+00:00","article_modified_time":"2022-12-04T08:12:27+00:00","og_image":[{"width":376,"height":336,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/02\/Christian-Lee.jpg","type":"image\/jpeg"}],"author":"Scott Baltic","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/cbre-closes-sizable-sale-of-miami-office-tower\/","url":"https:\/\/www.commercialsearch.com\/news\/cbre-closes-sizable-sale-of-miami-office-tower\/","name":"CBRE Global Investors Closes Sizable Sale of Miami Tower - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/cbre-closes-sizable-sale-of-miami-office-tower\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/cbre-closes-sizable-sale-of-miami-office-tower\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/02\/Christian-Lee.jpg","datePublished":"2015-02-16T15:02:17+00:00","dateModified":"2022-12-04T08:12:27+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/cbre-closes-sizable-sale-of-miami-office-tower\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/cbre-closes-sizable-sale-of-miami-office-tower\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/cbre-closes-sizable-sale-of-miami-office-tower\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/02\/Christian-Lee.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/02\/Christian-Lee.jpg","width":376,"height":336,"caption":"Christian Lee"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/cbre-closes-sizable-sale-of-miami-office-tower\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"CBRE Global Investors Closes Sizable Sale of Miami Tower"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555","name":"Scott Baltic","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","caption":"Scott Baltic"},"description":"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.","url":"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/02\/Christian-Lee.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004113460","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/882"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004113460"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004113460\/revisions"}],"predecessor-version":[{"id":1004610951,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004113460\/revisions\/1004610951"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004113464"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004113460"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004113460"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004113460"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}