The 20-year-old tower is 65% leased, with rents 45% lower than the new Hines tower next door.
The buyer said in a press release that Mary Brickell Village "provides for compelling value-creation opportunities as the site’s zoning allows for the potential to develop up to 80 stories or 4.1 million square feet which could consist of residential, office and hospitality."
New building filings increasing 19% in the second quarter.
Sponsored by Rent.
There are three major trends converging to shape new renter dynamics: The Great Resignation, The Occupancy Fallacy, and The Renter Research Revolution. Download this report to explore these trends and learn how to thrive in this new era.
Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!
- Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
- Exclusive discounts on ALM and GlobeSt events.
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.
Copyright © 2022 ALM Global, LLC. All Rights Reserved.