{"id":1004235420,"date":"2018-06-18T01:35:46","date_gmt":"2018-06-18T09:35:46","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004235420"},"modified":"2022-12-08T23:38:13","modified_gmt":"2022-12-09T07:38:13","slug":"kkr-parkway-buy-522ksf-miami-office-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kkr-parkway-buy-522ksf-miami-office-tower\/","title":{"rendered":"KKR, Parkway Properties Buy 522 KSF Miami Office Tower"},"content":{"rendered":"<p>By Barbra Murray<\/p>\n<div id=\"attachment_1004235432\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/sabadell-financial-center.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004235432\" data-attachment-id=\"1004235432\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/kkr-parkway-buy-522ksf-miami-office-tower\/sabadell-financial-center-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/sabadell-financial-center.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Patricia Todoran&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1529325108&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;1&quot;}\" data-image-title=\"Sabadell Financial Center\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Sabadell Financial Center&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/sabadell-financial-center.jpg?w=800\" class=\"wp-image-1004235432 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/sabadell-financial-center.jpg\" alt=\"Sabadell Financial Center\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/sabadell-financial-center.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/sabadell-financial-center.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/sabadell-financial-center.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004235432\" class=\"wp-caption-text\">Sabadell Financial Center<\/p><\/div>\n<p>The 522,000-square-foot office tower at 1111 Brickell Ave. in Miami\u2019s vibrant Brickell submarket has changed hands. In a joint venture, affiliates of KKR and Parkway Property Investments purchased the Class A building from PGIM Real Estate.<\/p>\n<p>Also known as Sabadell Financial Center, 1111 Brickell made its debut in the city\u2019s central business district in 2000 as part of a mixed-use development that includes a JW Marriott hotel. In addition to premier office accommodations, the 30-story tower features 8,000 square feet of ground-level retail offerings and 18,000 square feet of green space. The property is home to a host of financial businesses, Banco Sabadell among them, as well as tenants from a variety of other sectors, including cosmetics giant Revlon, communications company Newlink and commercial real estate services firm Newmark Knight Frank.<\/p>\n<p>KKR and Parkway acquired 1111 Brickell with the assistance of financing originated by Square Mile Capital Management. The parties involved are keeping mum on the purchase price of the building,&nbsp;which last traded in 2013 when PGIM, then Prudential Real Estate Investors, <a href=\"https:\/\/www.commercialsearch.com\/news\/prei-enters-brickell-district-with-185m-office-tower-purchase\/\">picked up the asset for $185 million<\/a>. The new ownership plans to submit 1111 Brickell to a sweeping renovation that will reposition the property as a cutting-edge destination with a focus on hospitality, community and wellness.<\/p>\n<h2>Buying and selling in Miami<\/h2>\n<p>Investors are keen on office assets in Miami and owners are keen to sell them<em>. \u201cInvestors (are) increasingly ready to cash out. A long-running economic cycle and limited ex\u00adpectations for substantial price growth have motivated more investors to sell and capitalize on Miami\u2019s swift appreciation over the past five years,\u201d<\/em> according to a first-quarter 2018 report by real estate investment services firm Marcus &amp; Millichap.<\/p>\n<p>Recent Miami office transactions in the CBD include Crocker Partners\u2019 sale of the 450,000-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/pccp-shells-out-127m-for-miami-cbd-office-tower\/\">SunTrust International Center<\/a> to PCCP for $127 million. And in a head-turning deal, <a href=\"https:\/\/www.commercialsearch.com\/news\/kbs-sells-south-beach-asset-for-38m\/\">KBS Realty Advisors sold 555 Washington<\/a>, a 67,000-square-foot mixed-use property, to East End Capital and GreekOak Real Estate for $38 million, or roughly $590 per square-foot.<\/p>\n<p><em>Image via Google Street View<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The joint venture partners purchased the 30-story building in the city&#8217;s central business district from PGIM Real Estate, which had owned the property since 2013. <\/p>\n","protected":false},"author":969,"featured_media":1004235432,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,1492,21742,21747],"tags":[32883,34836,36007,34714,35031,33318],"class_list":["post-1004235420","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-miami","category-latest","category-office","tag-kkr","tag-marcus-millichap","tag-newmark-knight-frank","tag-pgim-real-estate","tag-sabadell-financial-center","tag-square-mile-capital-management"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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