MIAMI — Stiles has sold 800 Brickell, a 209,122-square-foot office building located on Brickell Avenue in Miami, for $111.6 million.
RAR 2-800 Brickell, an affiliate of RREEF Property Trust, purchased the property. The sales price represented $533 per square foot, the highest price in the Brickell submarket, according to Stiles.
“This transaction is a testament to the strength of the Brickell submarket as well as our ability to create value for our partners and execute on our asset strategy,” says David Chanon, Stiles vice president of financial services. “Brickell is one of the premier office and residential submarkets in the country.”
Stiles purchased the property in partnership with Guggenheim Real Estate in 2004 for $34 million.
Over the last decade, the company increased the property’s leasable square footage, upgraded the common areas and elevators, modernized the exterior plaza and office suites, and completely redesigned and activated the ground-floor retail along Eighth Avenue.
Stiles received LEED Silver certification for 800 Brickell in 2011. The building is Energy-star rated and has won The Office Building of the Year and Earth awards by the Building Owners and Managers Association.
Originally constructed in 1981, 800 Brickell includes a 15-story full glass façade and an attached parking structure that provides 2.7 spaces per 1,000 square feet.
The property is located across the street from Phase II of Swire Properties Inc.’s Brickell City Centre, a $1 billion shopping and mixed-use project that will span four blocks.
Chris Lee, Jose Antonio Lobon and Andrew Chilgren of CBRE marketed 800 Brickell on behalf of Stiles. It is 89 percent leased currently and is home to tenants including State Trust Group, Anheuser-Busch, Sol Group, Conill Advertising, Banco de Brasil, TotalBank, Conde Nast America, BoConcept and Dannon Foods.
Fort Lauderdale, Fla.-based Stiles is a commercial real estate firm involved in development, construction, realty, property management, architecture and more. It is responsible for more than 43 million square feet of office, industrial, retail and mixed-use residential projects throughout the southeastern United States.
Chicago-based RREEF Property Trust is a real estate investment management arm of Deutsche Bank. It has properties in New Jersey, California, Washington and Illinois.
— Scott Reid