Parkway Properties, Inc. announced this week that it had purchased Courvoisier Centre in Miami, Florida for $145.8 million, or $422 per square foot, from Tishman Speyer. Parkway handled the transaction in house, while Tishman was represented by Jones Lang LaSalle in the deal. Parkway funded its acquisition in-part with available cash on hand and borrowings under its new seven-year, unsecured credit facility, according to a CoStar report. In connection with the financing, Parkway took the full amount of its $100 million loan, while simultaneously paying in full the first mortgage debt secured by the firm's Bank of America Center in Orlando, FL, which had an outstanding balance of $34.2 million including breakage costs.
"The acquisition of Courvoisier Centre supports our strategy of acquiring best-in-class assets within the strongest submarkets across the Sunbelt. The buildings' high-end amenity base, along with available parking infrastructure and water views, makes Courvoisier Centre a highly desirable asset," said James Heistand, Parkway Properties' President and Chief Executive Officer. "Further, a heavy emphasis on multifamily development within the Brickell submarket has limited the amount of available supply of Class A office assets, which has enabled Brickell to achieve the highest rental rates in Miami."
The Courvoisier Centre is a two-building office complex with an adjacent five-story parking garage, located on Brickell Key Island in Biscayne Bay, 400 feet off the coast of Downtown Miami. The seven-story Courvoisier Centre I was completed in 1986, and the 12-story Courvoisier Centre II and parking garage and retail were completed in 1990. The property totals 330,000 rentable square feet, including the adjacent five-story parking garage. The properties were 83.4% leased at the time of sale with major tenants including Young & Rubicam, Sony Pictures, CNN, WWE, MGM, Live Nation, Swire Properties, and Medina Capital.
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