MIAMI—With so many condo and multifamily projects springing up on Brickell, office space may soon come at a premium. That may be why Parkway Properties was willing to pay $145.8 million for Courvoisier Centre. The sale price equals $422 per square foot.
Courvoisier Centre is a two-building class A office complex located in Miami's Brickell submarket. The office buildings sit on the island community of Brickell Key and boast water and skyline views from almost every office space.
"The acquisition of Courvoisier Centre supports our strategy of acquiring best-in-class assets within the strongest submarkets across the Sunbelt,” says James R. Heistand, Parkway's president and CEO. The office buildings are currently 83.4% occupied and are expected to generate an initial full-year cash net operating income yield of 4.5%.
“The buildings' high-end amenity base, along with available parking infrastructure and water views, makes Courvoisier Centre a highly desirable asset,” Heistand says. “Further, a heavy emphasis on multifamily development within the Brickell submarket has limited the amount of available supply of class A office assets, which has enabled Brickell to achieve the highest rental rates in Miami.”
In addition to undergoing a $10 million renovation in 2013, the office buildings include a parking infrastructure that offers a submarket-leading ratio of 2.7 spaces per 1,000 square feet of leased space. JLL's JubeenVaghefi, Jeff Morris and Denny St. Romain completed the sale transaction on behalf of the seller, Tishman Speyer.
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