Parkway Properties Pays $422 PSF For Class A Miami Office Complex

courvoisier centreAn affiliate of Swire Properties sold the Courvoisier Centre on Miami’s Brickell Key for $145.8 million to Parkway Properties.
The Orlando-based company paid $422 per square foot for the two-building complex that totals 346,000 square feet. The “Class A” office buildings are at 501 and 601 Brickell Key Drive and rise seven and 12 stories.
The buildings underwent a $10 million renovation in 2013. Parkway said the buildings are 83.4 percent occupied and are expected to generate an annual net cash operating income yield of 4.5 percent.
“The buildings’ high-end amenity base, along with available parking infrastructure and water views, makes Courvoisier Centre a highly desirable asset,” Parkway Properties President and CEO James R. Heistand said in a news release. “Further, a heavy emphasis on multifamily development within the Brickell submarket has limited the amount of available supply of Class A office assets, which has enabled Brickell to achieve the highest rental rates in Miami.”
The average rent in the acquired buildings are $38.73 per square foot, which is 9 percent below the current Class A Brickell office market rate, Parkway said.
The property last sold for $150 million in 2007.
Source:  SFBJ

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  1. […] Friday, it was announced that Parkway purchased Class A Miami office complex Courvoisier Centre. The company paid $422 per square foot for the two-building complex that totals 346,000 square […]

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