Zurich North America, an affiliate of the Swiss insurance company Zurich Insurance Group Ltd., has purchased an office tower in Coral Gables, Florida for $57.5 million, or $349 per square foot. The property was sold by a joint venture between Greenstreet Partners and CREC - Continental Real Estate Companies, which originally purchased the office building in 2005 for $27.1 million. The deal was brokered by CREC and Zurich Alternative Asset Management, Zurich's alternative investment adviser, worked with the buyer on the deal. Terms were not disclosed.
"Our experience at 2121 Ponce is an example of how a building's value can be maximized by bringing a clear vision to life through creative leasing, construction, marketing and property management strategies," said CREC Chairman & Principal Warren Weiser. "The investments we've made over the past decade have transformed the building into a core institutional-grade asset, leading to this sale. We expect similar acquisition activity in the coming months given high barriers to new development across South Florida."
Located at 2121 Ponce de Leon Boulevard, the 13-story office building, also known as the Bank Atlantic Building, was originally completed in 1971 and renovated by the joint venture in 2007. The 164,848 square foot property sits one block north of Alhambra Circle and features a 1st United Bank of Florida (with ATM), 24/7 security, coffee/sandwich shop in the lobby, and POC American Fusion Buffett & Sushi restaurant. The building was 95% leased at the time of sale, with major tenants including Goldstein Schechter Koch, Fox Latin America, Valley National Bank, the Consulate of Barbados and CREC. Coral Gables has a relatively low office vacancy rate of 9.5%, according to research by commercial real-estate brokerage CBRE; Coral Gables is the second-largest suburban office market in Miami-Dade County after the Airport/Doral area.
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