MIAMI—550 Biltmore, a trophy-quality office building in CoralGables, has traded hands. This is the second significant officeproperty to trade in 2014 in Coral Gables. The otherwas DouglasEntrance, which traded for just over $100 million in March.Financial terms of this deal were not disclosed. CBRE inked bothdeals.

“While Coral Gables always draws significant investor interest,550 Biltmore surpassed the norm,” says Christian R. Lee, vicechairman of CBRE. “We believe that is attributable to factorsincluding: the high quality of the building itself, an increaseddemand by both domestic and off-shore capital for trophy propertiesand an overall improvement in the office market fundamentals.”

550 Biltmore is 86.4% leased. The class A, 160,000-square-footoffice building generated strong interest in the project from anumber of the nation's leading investment firms as well asnew-to-market private international buyers.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.