Owner Sells 80% Interest In Brickell Area Office Complex

Parkway Properties Inc. said Monday it plans to sell an 80 percent interest in Courvoisier Centre, a 346,000-square-foot, two-building office complex in Miami, at a gross asset value of $175 million.

Parkway acquired the Class A Brickell Key office complex in April 2014 for $145.8 million.

The office complex was 80.5 percent occupied and 84.1 percent leased as of Oct. 1.

“The recapitalization of Courvoisier Centre will enable Parkway to realize significant value appreciation in the asset, meaningfully participate in its future growth and create a partnership that could be used to accelerate our growth in Miami and other markets,” said James R. Heistand, president and CEO of Parkway. “This transaction represents another significant step in Parkway’s continued capital recycling strategy.”

Parkway has agreed to form a joint venture with an unnamed foreign capital source, with the Orlando-based REIT retaining a 20 percent interest in Courvoisier Centre, as well as property management and leasing for the joint venture.

Parkway officials said they expect the closing of the Courvoisier Centre joint venture and financing to occur in the first quarter of 2016, subject to customary closing conditions.

 
Source:  OBJ

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