MIAMI—550 Biltmore, a trophy-quality office building in Coral Gables, has traded hands. This is the second significant office property to trade in 2014 in Coral Gables. The other was Douglas Entrance, which traded for just over $100 million in March. Financial terms of this deal were not disclosed. CBRE inked both deals.

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

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