Cushman & Wakefield Brokers $54.4M Sale of Office Building in South Florida

CORAL GABLES, FLA. — Cushman & Wakefield has arranged the $54.4 million sale of 550 Biltmore, a 162,293-square-foot office building in Coral Gables. Miami-based CGI Merchant Group acquired the 16-story building for $336 per square foot. The asset was built in 1986 and renovated in 2013. The property is located at 550 Biltmore Way, six miles west of downtown Miami. 550 Biltmore was 89 percent leased at the time of sale to tenants including UBS, Compagnie Financière Richemont (Cartier) and Heinemann Americas Inc. Mike Davis, Miguel Alcivar, Dominic Montazemi, Scott O’Donnell, Brian Gale, Ryan Holtzman and Rick Brugge of Cushman & Wakefield represented the undisclosed seller in the transaction. Gale and Holtzman, along with Andrew Trench and Jeannette Mendoza of Cushman & Wakefield, is handling leasing efforts for the building. Cushman & Wakefield also manages the property.