Constructed in 2001, the building is currently 79% leased. Warner Music, which occupies the top floor, is the building's anchor tenant. The other floors are multi-tenanted. CB Richard Ellis' Christian Lee represented the seller, a private investor, in the transaction. KBS was self-represented.
"This is a relatively new building, with one-third of the space dedicated to retail," KBS senior vice president Shannon Hill tells GlobeSt.com. "It is not often that a fee simple interest in a recent vintage office building with a high parking ratio is made available for sale. This is a great investment to kick start our reemergence in the South Florida market."
Under deals that were struck prior to the acquisition, Outback Steakhouse and FedEx/Kinkos will open to anchor the retail along with an existing Wachovia Bank. With those deals, and several others that are currently in the works, the building will be 100% leased by mid-2007, Hill says. "There is an opportunity to stabilize the asset," he says.
In addition to 555 Washington, KBS owns three other properties with a total of 407,605 sf in Florida including Sabal Pavilion in Tampa, Bay Tec Center in St. Petersburg and Baywood Center in Jacksonville.
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