Cushman & Wakefield Negotiates $54.4M Sale of 550 Biltmore in Coral Gables
A Global Real Estate Investment Manager Sold the 162,293-Square-Foot, Class A Office Building to CGI Merchant Group
MIAMI, FL, June 21, 2019 — Cushman & Wakefield has arranged the sale of 550 Biltmore, a 162,293-square-foot, Class A office building in Coral Gables.
The Cushman & Wakefield Capital Markets team of Mike Davis, Miguel Alcivar, Dominic Montazemi, Scott O'Donnell and Rick Brugge, assisted by the office leasing team of Brian Gale and Ryan Holtzman, negotiated the sale on behalf of a global real estate investment manager. Miami-based CGI Merchant Group acquired the building for $54.4 million ($336 per square foot).
550 Biltmore is a 16-story office building developed in 1986 at 550 Biltmore Way. The pyramid-shaped building features distinctive Art Deco architecture and luxurious finishes including Italian travertine walls with marble and granite accent features, burled walnut elevator cabs and an impressive lobby with polished stone and brushed metallic finishes. The property’s unique, tiered design offers varying floor plate sizes, providing outdoor terraces overlooking Coral Gables' historical Mediterranean revival buildings, fountained plazas, world-class golf courses and upscale residential neighborhoods.
550 Biltmore has been institutionally owned and maintained throughout most of its history and was renovated in 2013. The Energy Star® rated building offers coveted podium parking as well as valet service, a cafe?, high-end hair salon, inviting WiFi-enabled lobby lounge area and ATM.
550 Biltmore is ideally situated south of the Miami CBD in the cosmopolitan city of Coral Gables. The property is located just two blocks from Downtown Coral Gables’ Miracle Mile, a pedestrian-friendly, European-inspired promenade boasting numerous boutique shops, galleries, cafe?s and restaurants. The thoughtfully planned city has a vibrant mixed-use CBD, offering a 24/7 “live-work-play-learn” experience.
“The asset provided investors a rare opportunity to acquire one of South Florida’s most iconic landmark office properties in one of the top gateway investments markets in the country,” said Davis. “The property’s value-add potential can be realized through upsides in rental rate, building-top signage opportunities and lease-up of current vacancies.”
Added Alcivar, “550 Biltmore’s unique design features and white glove concierge-style service, as well as its exceptional and accessible location in Coral Gables, will continue to attract and retain high-end tenants seeking luxurious space with cachet and convenience well into the future.”
550 Biltmore was 89% leased at the time of sale. Notable tenants include UBS, Compagnie Financière Richemont (Cartier) and Heinemann Americas, Inc.