Brickell Avenue Office Tower Fetches $142 Million

The Espirito Santo Plaza office tower in Miami’s Brickell financial district sold for $142 million to an affiliate of Dallas-based Gaedeke Group.

The 36-story building at 1395 Brickell Ave. was placed for sale after Rio Forte Investments filed for relief from its creditors in Luxembourgh in 2014, an event related to the collapse of Portugal’s Banco Espirito Santo. Its U.S. subsidiary was a tenant in the building. Now that subsidiary is called Brickell Bank and it has a pending deal to be sold to Venezuelan investors.

The sale of the office building with 268,000 square feet of leasable office and retail space and 980 parking spaces should bring a recover for the creditors of Rio Forte Investments.

Estoril Inc., a subsidiary of Rio Forte Investments, sold the property to Gaedeke Holdings XII, an affiliate of Gaedeke Group. The deal was financed by a $65 million mortgage with JPMorgan Chase Bank as the lead lender and a corporate guaranty for Gaedeke Group.

The hotel and condo units in the building were not included in the deal. The tower includes a fitness club, pool, two tennis court, sun deck and garden. It was built in 2004 with a design by Kohn Pedersen Fox Associates.

Gaedeke Group also owns Museum Tower in downtown Miami.

 
Source:  SFBJ
 

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