Parkway, KKR Complete $10M Renovation of Brickell Miami Office Tower, Sign Three Retail Tenants
MIAMI — Parkway Real Estate Services LLC and joint venture partner KKR have completed their $10 million renovation of Sabadell Financial Center, a 30-story, 524,000-square-foot office tower in Miami’s Brickell district. The waterfront property overlooks Biscayne Bay. Parkway Real Estate and KKR acquired the property for $250 million in 2018 and immediately commenced renovation plans. Upgrades included redesigning the entrance and renovating the lobby, as well as adding enhanced cellphone signal technology, meeting and entertainment spaces and a rooftop deck with space for fitness classes. The landlords also signed three retail tenants — Vice City Bean, Carrot Express and Fitbox Method — to occupy space on the ground level. This marks the third location for the locally owned Vice City Bean coffeehouse; the eighth location for Carrot Express, a healthy, fast-casual restaurant; and the second location for Fitbox Method, a fitness studio offering a mix of cardio and boxing training. Jonathan Carter and Jenny Gefen of Colliers International represented the landlords in all three retail transactions.
Sabadell Financial Center was built in 2000 and is located at 1111 Brickell Ave., one mile south of downtown Miami. The asset features 8,000 square feet of ground-level retail space, a 26,000-square-foot amenity deck and 18,000 square feet of green space. The building’s tenants include PRES, Parkway, Sabadell United Bank, Telefonica USA, Morgan Stanley, Industrious and law firm Baker & Mackenzie.