CWCapital Asset Management, a subsidiary of CW Financial Services, announced that it had completed the sale of two office towers at 444 Brickell Avenue in Miami to Related Group for $104 million, or about $344 per square foot. Related Group subsequently unveiled plans for three tall towers at 444 Brickell Avenue, including residential, hotel, office, and retail space. The new project, One Brickell, is expected to include three skyscrapers rising 80, 70, and 55 stories, and will encompass more than 4 million square feet, including 2 million sellable square feet, according to a Miami Herald report.
"This transaction underscores the depth of our experience in servicing distressed properties and our ability to execute and react quickly to changing market conditions," said David Iannarone, President of CW Financial Services, of the sale. "Our team identified and executed an asset level strategy that elevated the attractiveness and value of the property while conducting a marketing campaign that leveraged rising real estate prices in downtown Miami. We are confident that the timing is right and that we have maintained our principal goal, which has always been maximizing value on behalf of the bondholders."
"This is the most important development in the urban core," Related Group's chairman and CEO, Jorge Pérez, said in a statement. He added: "One Brickell is the link that will unify the neighborhood by bringing pedestrian-friendly walkways from east Brickell all the way to Brickell CityCentre. Our vision will meet the robust demand for additional residential, hospitality, and entertainment facilities in the area."
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