MIAMI—Parkway Properties shelled out $145.8 million for the class A Courvoisier Centre, a 346,000-square-foot, two-building office complex located on Brickell Key in Miami, in April. Now, the firm is getting ready to ramp up leasing at trophy asset and has picked Transwestern the lead the charge.
The office buildings are currently 83.4% occupied. When Parkway bought the asset, executives said they expected to generate an initial full-year cash net operating income yield of 4.5%.
“Courvoisier Centre is a premier asset that offers tenants the exclusivity of a gated island with world class on-site amenities, an adjacent Mandarin Oriental Hotel and views of Biscayne Bay and Miami’s Central Business District,” says Eric Groffman, Transwestern‘s senior vice president and leasing director. Groffman along with Josh Gibbons, senior associate, will market and lease the property on behalf of Parkway.
Located 501 and 601 Brickell Key Drive on Brickell Key in Biscayne Bay, Courvoisier Centre is the only office project on the island. In addition to undergoing a $10 million renovation in 2013, the office buildings include a parking infrastructure that offers a submarket-leading ratio of 2.7 spaces per 1,000 square feet of leased space.
“The quality of the assets, coupled with the extensive renovations and unobstructed views fit perfectly with our plan to expand the services and amenity base to attract those tenants seeking the best experience for their business needs,” says Shipley Hall, vice president and managing director of Parkway. Amenities include banking facilities, a gourmet grocery store, dry cleaner and several other retailers. The gated island community also features luxury residential condominiums and the five-star Mandarin Oriental Hotel.