X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MIAMI-The Boston-based Congress Group has acquired a 96,718-sf office building at 999 Brickell Ave. for $28.5 million. The seller was a private Europe-based investment group.

“The property was sold by an offshore private group from Germany that was looking to readjust its US portfolio,” Manny de Zarraga tells GlobeSt.com. “The seller had owned the property for 20 years.” The Holliday Fenoglio Fowler executive managing director, along with , managing director Hermen Rodriquez and real estate analyst Ignacio Portuondo represented the seller. The Congress Group was led by Dean Stratouly in the deal.

The 11-story building’s main tenant is Helm Bank, one of the many Edge Banks on Brickell Avenue. Space rents for $36 per sf. Neighboring properties include the Espirito Santo Plaza/Conrad Hilton, the Four Seasons Hotel and Tower and the Mandarin Oriental Hotel. “Brickell Avenue is considered to be one of the most important financial districts in the Southeast,” de Zarraga says. “The office market in this area is seeing record-high occupancy levels.”

The property offers significant development rights beyond the existing building. Although the Congress Group plans to develop the site in the future, the company does not have specific plans for the site yet. “999 Brickell is a landmark property with future development potential for office, residential or hotel related uses,” de Zarraga says. “There’s a lot of flexibility in what could be built.”

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
  • 3 free articles* across the ALM subscription network every 30 days
  • 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

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.