MIAMI—Another Downtown Miami office building has traded hands.200 Southeast First Street just sold for $21 million.

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Integra Investments, a full-service real estateprivate equity and development company, acquired the 12-storyboutique office building. The asset sits at the intersection ofFirst Street and Second Avenue, across the street from the futureWhole Foods.

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Colliers International represented both thebuyer and seller in the transaction. LarryStockton, who previously sold the building in 1997,represented Integra. The seller was co-represented by Colliers'Michael T. Fay, John K. Crotty, XavierCossard, and Biscayne Atlantic'sBen Small.

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“Integra Investments has remained focused on acquiring primeassets in downtown Miami with the intention of renovating anddelivering an upgraded boutique product to the market,” saysEduardo Otaola, development asociate of Integra,who led the transaction. “We continue to pay close attention to theoffice market for opportunities that createvalue-added potential for our expanding portfolio.”

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200 Southeast First Street has direct access to Interstate 95.The building has about
140,000 square feet of office space and groundfloor retail space and offers amenities likeamenity 24-hour security. Office spaces also boast views ofDowntown Miami and Biscayne Bay.

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Integra plans to renovate the building upgrading its features toclass A boutique office space status. Tenantsinclude Ocean Bank, which occupies the ground-floor space, TheParkinson's Foundation, Brand Institute, Digiport, and IncubateMiami.

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Integra has been involved in various acquisitions anddispositions in Miami's urban core already this year. The firm soldthe Chase Bank office tower, located at 150 Southeast SecondAvenue, in February 2014 for $23.5 million following extensiverenovations. The firm also closed the sale of a 2.97-acre site at300 South Miami Avenue, directly on the Miami River, for $33.1million.

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