A ubiquitous Coconut Grove, Fla. office building will soon become an office condominium tower. The 21-story SBS Tower, which was recently sold by Irradio Holdings, overlooks Biscayne Bay. The buyer, KRA Tower LLC, spent $100 million to snap up the complex.
“With excellent bay views and amenities, SBS Tower is arguably the most prominent and desirable office building in Coconut Grove,” says Tony Puente, vice president at CB Richard Ellis, which represented Irradio Holdings on the sale.
There are roughly 40 office condo conversions either planned or underway in the Miami-Dade area, according to CB Richard Ellis. While it's unclear if the local market can support yet another conversion, Puente believes that the building's location and stature as one of the tallest waterfront towers in Coconut Grove lends it a unique status.
“The SBS Tower fits the right profile as the market leader in the boutique Coconut Grove office market with many strong tenants,” says Puente.
The amenities aren't too shabby, either. The 320,000 sq. ft. complex includes a cafeteria, fitness center, and visitor valet parking. Included in the sale are 16 townhouses and a parking garage. Seller Irradio Holdings will retain roughly 62,000 sq. ft. on four separate floors, plus an undisclosed amount of retail space on the ground floor.