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Owners Expect Big Pay Day from Office Tower Sale

MIAMI-LNR Property and its Miami partners are putting the 33-story, 286,000-sf Brickell BayView Centre up for sale. The marketing agent, Sonnenblick-Goldman, expects to get $39 million or $136.36 psf for the building that LNR and its partners bought 2 1/2 years ago from Japan Development Corp. for $23.9 million or $83.57 psf.

By Harold Kelman | Updated on August 28, 2000

After bringing Brickell BayView Centre from 60% to 93% occupancy, LNR Property and its partners are selling the 33-story, 286,000-sf building for what could be as much as 63% more than its purchase price in 1998.

The asset’s marketing agent, Sonnenblick-Goldman, expects to get $39 million or $136.36 psf that LNR bought 2½ years ago from Japan Development Corp. for $23.9 million or $83.57 psf.

The building’s location at 80 SW Eighth St. is a hot tenant demand area and across the street from a retail/entertainment center planned by a joint venture of New York City-based Millennium Partners and local developer Terremark Worldwide.

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