Ponce de Leon Building Trades for $169 Per SF

CORAL GABLES, FL-Brookwood Coral Gables Investors LLC, the local affiliate of Beverly, MA-based Brookwood Financial Partners, sold the Ponce de Leon office building for $27.1 million or about $168.52 per sf. The buyer is an affiliate of New York-based Greenstreet Capital Partners LLC, which also has an office in Miami.

Brookwood acquired the 13-story, 160,808-sf office building in 1999 and it is currently 85% leased. “The abundance of capital from foreign and local investors, as well as improvement of the dynamics in this submarket over the past year, have generated significant interest in this asset,” says Thomas W. Brown, Brookwood’s senior managing director and director of acquisitions.

The building is located at 2121 Ponce de Leon Blvd., one block north of Alhambra Circle and three blocks north of Miracle Mile. According to the 2005 Miami-Dade office market outlook report from CB Richard Ellis, “the Coral Gables submarket is one of the strongest markets in all of Miami-Dade.” The average asking rental rates range between $27.31 per sf and $30.47 per sf, according to the report. Representatives of the local office of CBRE negotiated the sale on Brookwood’s behalf.