550 Biltmore, Coral Gables, FL
CORAL GABLES—CGI Merchant Group has added a 16-story office building to its portfolio in a deal valued at $54.4 million.
The Miami firm has purchased 550 Biltmore, a 162,293-square-foot, Class A office building in Coral Gables. The deal calculated out to a purchase price of $336-a-square-foot, according to Cushman & Wakefield, which brokered the sale on behalf of a global real estate investment management firm.
550 Biltmore was 89% leased at the time of sale. Major tenants at the pyramid-shaped building include UBS, Compagnie Financière Richemont (Cartier) and Heinemann Americas, Inc.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
