Prudential Real Estate Investors (PREI) has acquired Sabadell Financial Center, a 30-story, class-A office tower in Miami’s Brickell Financial District. PREI, acting on behalf of institutional investors in its core open-end commingled fund, bought the tower for $185 million.
PREI purchased the building, also known as 1111 Brickell, from an affiliate of Spanish real estate firm Testa Inmuebles en Renta, S.A. The transaction closed on April 12. PREI plans to enhance the building through additional capital investments designed to attract new multinational and regional tenants while retaining existing occupants.
“With Miami growing in stature among the top business and financial hubs in the Americas, the timing was ripe for PREI’s entrance into the Brickell market,” Cathy Marcus, managing director at Prudential Real Estate Investors and senior portfolio manager for the firm’s core open-ended equity commingled real estate strategy. “With a location in the sought-after Brickell district and an enviable tenant base, Sabadell Financial Center is a perfect fit with our investment strategy.”
Originally built in 2000, the 523,000-sq.-ft. building is 85 percent leased to a mix of prominent financial services companies and major law firms. The building is connected to a 22-story JW Marriott Hotel, which is not part of the acquisition, but serves as a convenient amenity for the office tower.
Spearheading the leasing and marketing for Sabadell Financial Center is Blanca Commercial Real Estate, a Miami-based commercial real estate brokerage and advisory firm.