A private South American group picked up the SunTrust Bank building at 777 Brickell Avenue in Miami, Florida this month for $140 million, or $238 per square foot. In a deal brokered by CBRE, CBRE represented the seller, Brickell Office Plaza (whose managing member is Peter Dicorpo of CBRE Global Investors), in the deal. Terms or the name of the buyer were not disclosed, according to a South Florida Business Journal article.
"Miami continues to draw significant capital from intelligent, well-informed investors," said CBRE Vice Chairman Christian Lee in a statement. "777 Brickell, one of only four waterfront sites on Brickell Avenue, is just the latest example of that."
"The unprecedented growth and transformation of the CBD along with the world-class location of the property provide a tremendous upside opportunity for new ownership through the operation of the institutional-quality office building as well as potential future redevelopment," added CBRE Vice President Amy Julian.
Built in 1980, the 13-story office tower with 288,485 square feet and an adjacent 5-story parking structure previously sold for $44.5 million, when Brickell Office Plaza purchased it in 2002, according to Miami-Dade County property records. the building was 93% leased at the time of sale with major tenants including CBRE, SunTrust, UBS, Banco de Brasil, Truluck's, BlackRock and International Paper.
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