The move for RXR will serve as a recapitalization.

Avison took a look at Fort Lauderdale and West Palm Beach as well.

Demand doesn't seem to be an issue.

Brazilians view the region as a "second home."

The company is extending its lease to include another 70,076 square feet.

But the asset class might not still be ideal.

The new senior managing director has helped execute over $20 billion in lodging transactions.

The deal marks the company's fourth purchase.