{"id":1004145928,"date":"2016-06-13T23:50:22","date_gmt":"2016-06-14T07:50:22","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004145928"},"modified":"2020-05-13T01:27:04","modified_gmt":"2020-05-13T09:27:04","slug":"iconic-miami-office-asset-hits-the-market","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/iconic-miami-office-asset-hits-the-market\/","title":{"rendered":"Iconic Miami Office Asset Hits the Market"},"content":{"rendered":"<p>By Barbra Murray, Contributing Editor<\/p>\n<div id=\"attachment_1004145929\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/wachovia-dusk_hres_web.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004145929\" data-attachment-id=\"1004145929\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/iconic-miami-office-asset-hits-the-market\/wachovia-dusk_hres_web\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/wachovia-dusk_hres_web.jpg\" data-orig-size=\"797,751\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"wachovia&#8211;dusk_hres_web\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/wachovia-dusk_hres_web.jpg?w=797\" class=\"wp-image-1004145929 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/wachovia-dusk_hres_web.jpg\" alt=\"Southeast Financial Center, Miami\" width=\"300\" height=\"283\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/wachovia-dusk_hres_web.jpg 797w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/wachovia-dusk_hres_web.jpg?resize=300,283 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/wachovia-dusk_hres_web.jpg?resize=768,724 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004145929\" class=\"wp-caption-text\">Southeast Financial Center, Miami<\/p><\/div>\n<p><strong>Miami<\/strong>\u2014<a href=\"https:\/\/www.jpmorgan.com\/global\/about\/asset-management\" rel=\"nofollow\" target=\"_blank\">J.P. Morgan Asset Management \u2013 Global Real Assets<\/a> is ready to let go of one of Miami\u2019s most notable office towers. The asset manager has decided to put Southeast Financial Center\u2014a nearly 1.3 million-square-foot premier property\u2014on the market.<\/p>\n<p>Perhaps JPMAM\u2013GRA was offering a hint of its plans in an August 2015 report, noting, \u201cThe Fund\u2019s investment in Southeast Financial Center experienced an increase in value due to market rent growth, leases that were executed in several office suites and the decrease in discount rate by 25 bps to 6.75 percent. Market conditions continue to improve in the South Florida office market as it has experienced strong leasing and investment sales momentum.\u201d<\/p>\n<p>Southeast Financial Center is an asset that the investment community won\u2019t be able to ignore. Developed by Hines in 1984, the Skidmore, Owings &amp; Merrill-designed tower boasts the distinction of being not just the largest office building in Florida but, at 55 stories, the tallest as well. The property, carrying the downtown address of 200 S. Biscayne Blvd., also features an attached annex structure encompassing a 43,000-square-foot banking hall, a 21,00-square-foot fitness center and more than 11,000 square feet of service retail.<\/p>\n<p>Additionally, there\u2019s nothing like a nearly full tenant roster to lure potential buyers, and Southeast Financial Center has that, too. With Don Cartwright, managing director at commercial real estate services firm <a href=\"https:\/\/www.jll.com\/\" rel=\"nofollow\" target=\"_blank\">JLL<\/a>, having been at the leasing helm since 2009, the office destination has been able to maintain its trophy status even during the tough times; occupancy levels in the high 90 percent range have been commonplace at the building over the years.<\/p>\n<p>JPMAM\u2013GRA\u2019s history with Southeast Financial Center dates back to 2007, when the asset manager acquired a 50 percent interest in the joint venture that owned the property, then known as Wachovia Financial Center, becoming co-owners with Macquarie Office Trust. The following year, JPMAM\u2013GRA became sole owner with the acquisition of Macquarie\u2019s 50 percent stake for $182.5 million, according to Macquarie documents.<\/p>\n<p><em>Image courtesy of Hines<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Florida&#8217;s largest office tower is looking for a new owner.<\/p>\n","protected":false},"author":969,"featured_media":1004145929,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,1492,21742,21747],"tags":[],"class_list":["post-1004145928","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-miami","category-latest","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Iconic Miami Office Asset Hits the Market - 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