{"id":1724,"date":"2019-06-24T13:15:17","date_gmt":"2019-06-24T17:15:17","guid":{"rendered":"https:\/\/www.meyer.media\/?p=1724"},"modified":"2019-06-24T07:40:18","modified_gmt":"2019-06-24T11:40:18","slug":"cushman-wakefield-negotiates-54-4m-sale-of-550-biltmore-in-coral-gables","status":"publish","type":"post","link":"https:\/\/www.meyer.media\/2019\/06\/24\/cushman-wakefield-negotiates-54-4m-sale-of-550-biltmore-in-coral-gables\/","title":{"rendered":"Cushman & Wakefield Negotiates $54.4M Sale of 550 Biltmore in Coral Gables"},"content":{"rendered":"
\"550<\/a>
550 Biltmore<\/figcaption><\/figure>\n

A Global Real Estate Investment Manager Sold the 162,293-Square-Foot, Class A Office Building to CGI Merchant Group<\/em><\/strong><\/p>\n

MIAMI, FL, June 24, 2019<\/strong> \u2014 Cushman & Wakefield<\/a> has arranged the sale of 550 Biltmore, a 162,293-square-foot, Class A office building in Coral Gables.<\/p>\n

The Cushman & Wakefield Capital Markets team of Mike Davis<\/a>, Miguel Alcivar<\/a>, Dominic Montazemi<\/a>, Scott O’Donnell<\/a> and Rick Brugge<\/a>, assisted by the office leasing team of Brian Gale<\/a> and Ryan Holtzman<\/a>, negotiated the sale on behalf of a global real estate investment manager. Miami-based CGI Merchant Group<\/a> acquired the building for $54.4 million ($336 per square foot).<\/p>\n

550 Biltmore is a 16-story office building developed in 1986 at 550 Biltmore Way<\/a>. 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\u2019s 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.<\/p>\n

550 Biltmore has been institutionally owned and maintained throughout most of its history and was renovated in 2013. The Energy Star\u00ae rated building offers coveted podium parking as well as valet service, a caf\u00e9, high-end hair salon, inviting WiFi-enabled lobby lounge area and ATM.<\/p>\n

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\u2019 Miracle Mile, a pedestrian-friendly, European-inspired promenade boasting numerous boutique shops, galleries, caf\u00e9s and restaurants. The thoughtfully planned city has a vibrant mixed-use CBD, offering a 24\/7 \u201clive-work-play-learn\u201d experience.<\/p>\n

\u201cThe asset provided investors a rare opportunity to acquire one of South Florida\u2019s most iconic landmark office properties in one of the top gateway investments markets in the country,\u201d said Davis. \u201cThe property\u2019s value-add potential can be realized through upsides in rental rate, building-top signage opportunities and lease-up of current vacancies.\u201d<\/p>\n

Added Alcivar, \u201c550 Biltmore\u2019s 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.\u201d<\/p>\n

550 Biltmore was 89% leased at the time of sale. Notable tenants include UBS, Compagnie Financi\u00e8re Richemont (Cartier) and Heinemann Americas, Inc.<\/p>\n

The Cushman & Wakefield office leasing team of Gale, Holtzman, Andrew Trench<\/a> and Jeannette Mendoza<\/a> serves as exclusive leasing advisor for 550 Biltmore. Cushman & Wakefield also manages the property.<\/p>\n

About Cushman & Wakefield<\/strong><\/p>\n

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit\u00a0www.cushmanwakefield.com<\/a> or follow @CushWake<\/a> on Twitter.<\/p>\n

Media Assets<\/strong><\/p>\n

550 Biltmore Photo<\/a>
\nMike Davis Headshot<\/a>
\nMiguel Alcivar Headshot<\/a>
\nDominic Montazemi Headshot<\/a>
\nScott O\u2019Donnell Headshot<\/a>
\nRick Brugge Headshot<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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 $54.4 million sale of 550 Biltmore, a 162,293-square-foot, Class A office building in Coral Gables.<\/p>\n","protected":false},"author":1,"featured_media":1712,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[5],"tags":[2439,269,66,64,98,2440,49,69,4,700,87,29,67,114,642,86,100,26,2441,102,65,35,88,368],"class_list":["post-1724","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pr","tag-550-biltmore","tag-550-biltmore-way","tag-andrew-trench","tag-brian-gale","tag-capital-markets","tag-cgi-merchant-group","tag-commercial-real-estate","tag-coral-gables","tag-cushman-wakefield","tag-disposition","tag-dominic-montazemi","tag-florida","tag-jeannette-mendoza","tag-leasing","tag-miami-dade-county","tag-miguel-alcivar","tag-mike-davis","tag-office","tag-porperty-management","tag-rick-brugge","tag-ryan-holtzman","tag-sale","tag-scott-odonnell","tag-south-florida"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.meyer.media\/wp-content\/uploads\/2019\/06\/550-biltmore-photo.jpg?fit=3000%2C2034&ssl=1","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p79IL5-rO","_links":{"self":[{"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/posts\/1724","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/comments?post=1724"}],"version-history":[{"count":1,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/posts\/1724\/revisions"}],"predecessor-version":[{"id":1725,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/posts\/1724\/revisions\/1725"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/media\/1712"}],"wp:attachment":[{"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/media?parent=1724"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/categories?post=1724"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/tags?post=1724"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}