The seller was Quebec, Canada-based Dalfen America, which wasrepresented by CB Richard Ellis vice chairman Christian Lee,CBRE/Melody vice chairman Charles Foschini and vice presidentChristopher Apone, both in the South Florida office, andCBRE/Melody managing director Dan Jennewein in Tampa. The 14-storybuilding consists of nine floors of office above a 222,000-sf,four-story parking garage with 680 spaces. The perimeter of theparking garage has ground floor and mezzanine space that is usedmostly for restaurant and retail uses as well as high-trafficoffice uses, including Miami-Dade Community College. The asset islocated between Coral Gables and Downtown Miami in close proximityto Interstate 95, State Road 836 and US Hwy. 1.

According to CB Richard Ellis' marketing brochure, the purchaseprice was well below the replacement cost of the building, which isestimated at $55 million or $340 per sf. The investment sales teamattributed the replacement estimate in large part to the parkinggarage, which is one of the largest structures of any officebuilding in Miami.

Constructed in 1974 on 1.85 acres, the building has unobstructedviews of Greater Miami. The 37-tenant roster includes South FloridaWorkforce, Healthy Start Coalition of Miami Dade, Miami BehavioralHealth Center, Department of Children and Families and Switchboardof Miami.