Asset: A 107,863-square-foot stabilized multi-tenant office building completed in 1971 together with an adjacent mixed-use two-tenant retail and a 19-unit apartment building
Location: Downtown Miami, FL
Sale price: $57.25 million, or $44 per square foot or $20 million per acre
Representation: Buyer and Seller
Challenges: In September 2013, the seller contacted Alex to identify qualified buyers for the property. Alex spent the better part of the year making targeted pitches to sophisticated investors with enough capital to not only acquire the property but also transform a modest office building on the site to a landmark office tower destined to become a permanent fixture on the skyline. He positioned the property as an income generator in the heart of an area experiencing a renaissance, with billions of dollars pouring in from the private and public sectors. The site is directly across from the Adrienne Arsht Center for the Performing Arts and just minutes from the world-renowned Wynwood Arts District, the Miami Design Center, downtown Miami, Brickell Avenue and Miami Beach.
Outcome: Alex realized condo developers were eager to pay a premium for well-located development sites. As a result, Alex began negotiations with one of the most prolific and highly-respected condo developers in the country. Soon, he struck a deal with the Related Group, led by Jorge Perez. Related ended up paying nearly $20 million per acre. Related plans to continue operating the property as an office but, eventually, the developer will demolish the existing office building to make room for a mixed-use project to include hotels and residential condos.