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.

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