2121 Ponce includes a five-story, 586-space parking garage and street-level retail space. 2121 Ponce includes a five-story, 586-space parking garage and street-level retail space.

MIAMI—It’s the largest commercial real estate transaction in Coral Gables, FL so far this year. A joint venture between Greenstreet Partners just sold the 2121 Ponce office building to a member company of Zurich North America for $57.5 million. Greenstreet acquired the building for 27.1 million in 2005.

Zurich Alternative Asset Management, Zurich’s alternative investment adviser, worked with the buyer on the deal. The sale of the 164,848 square-foot office building marks the latest sign of mounting demand for high-performing South Florida office properties among institutional investors around the world. CREC and CBRE brokered the deal.

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Jennifer LeClaire

GlobeSt

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