John F. Bell, SVP of the local office of Trammell Crow Co., represented the seller in the transaction. "There is intense demand for Downtown office product," he tells GlobeSt.com. "There's a certain exclusivity in office product now that did not exist several years ago."
He points to the mixed-use projects of One Miami, Metropolitan Miami and Dupont as among those that are "transforming Downtown into a 24-hour city. The many residential, retail and entertainment redevelopment projects have created demand and high barriers to entry for office product," he says. "As a result, capital has zeroed in on Downtown Miami at unprecedented levels, increasing both selling prices and rental rates."
This building was completed in 1967, and Hartford Investors "recognized the opportunity to create value through renovations and prudently invested in upgrading the asset before offering it to the market," Bell says. The building is currently 78% leased, according to Bell, and he says the rental rate is "about $20 per sf or more and on an upward trend." Among the current tenants are Washington Mutual, GMAC and Florida International University.
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