X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MIAMI-Courvoisier Centre, a two-building, 335,000-sf mixed-use complex on Brickell Key, is being placed on the market. The class A building is expected to sell for more than $170 million.

Jones Lang LaSalle managing director Tom Beneville, along with Jubeen Vaghefi and Jay Miele, will handle the sale. Beneville tells GlobeSt.com that the property is owned by a fund that is looking to liquidate. “It’s part of a program,” Beneville says. “It was just time to sell the property.”

Developed in the late 80s, Courvoisier Centre includes 22,000 sf of retail space, tenant terraces, a waterfront jogging park, drive-thru bank and a 941-space parking garage. It is currently 85% leased with tenants including Credit Lyonnais, Sony Ericcson, Swire Pacific Holdings Inc. and Young and Rubicam. It is the only office building on Brickell Key.

Although marketing efforts have just started for the property, Beneville anticipates that there will be strong interest among the investment community. Office leasing has been strong throughout Miami and in the Brickell submarket. According to a CB Richard Ellis Q2 market report, vacancies are at their lowest levels in more than four years. The vacancy rate plunged from 12.59% in the first quarter to 9.99% in the second quarter. Average asking rents rose from $30.11 per sf to $30.44 per sf during the same time period. During Q2, class A average rents increased $1.53 per sf.

“Rental rates on Brickell Key and at Courvoisier Centre have increased by 30% over the last 12 months,” Beneville says. “Couple that with the bright job growth forecasts for South Florida, its position as a key link to Latin American, European and Caribbean commerce, and you an offering that we anticipate will defy conventional pricing wisdom.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

 

GlobeSt

Join GlobeSt

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.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.