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Final price tag for Florida’s largest office building: $517 million

By Brian Bandell

Senior Reporter, South Florida Business Journal

 

The final price tag for the Southeast Financial Center, the largest office building in Florida, came even larger than initially reported.

 

Multiple media outlets reported the deal at more than $500 million. When the deed was actually filed in Miami-Dade County records, it was a whopping $516.6 million — the largest real estate transaction in South Florida to date in 2016.

 

The seller of the 55-story tower at 200 South Biscayne Boulevard in Miami was 200 South Biscayne TIC, part of a pension trust managed by JPMorgan Chase Bank. It was acquired by Pointe Gadea Biscayne, headed by Amancio Ortega, one of the richest men in the world with a net worth of $72.2 billion, according to Forbes.

 

Ortega is known for investing in the most prominent buildings in the world’s major cities, including New York and Chicago, so this purchase speaks well for Miami’s prominence among the elite real estate markets.

 

Brokers from HFF in Miami represented the seller in the deal. The buyer was advised by Tim Gifford, head of CBRE's capital advisors Latin America team.

 

“South Florida is one of the biggest drivers of commercial real estate capital into the United States, and we are very pleased to see the high level of trust our clients place in our advising capabilities, specifically in cross-border transactions such as this one,” Gifford said.

 

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BY Nicholas Nehamas

nnehamas@miamiherald.com

 

Real estate in Miami-Dade County got a post-Donald Trump bump in November.

 

The number of existing single-family home sales jumped 13.1 percent compared to November 2015, according to a monthly report released Wednesday by the Miami Association of Realtors.

 

“The political uncertainty led some home buyers to pause and take a wait-and-see approach with real estate,” Mark Sadek, chairman of the Realtor’s association, said in a statement. “Now that the election is over and there’s more certainty about the direction of the country, home buying should increase for a South Florida region that’s seeing sustained population and job growth.”

 

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Miami-Dade real estate got a post-Trump bump in November

Source: Miami Herald

2017 New Year's Eve Party The Right Way

Easy Party Canapes | French Guy Cooking

Check out these gorgeous looking New Year’s Eve recipes from French Guy Cooking. Choose between mini spring rolls with colourful, crunchy veg and rice noodles; elegant sushi balls with cured salmon and light and honey glazed pork belly steamed buns. Good things really do come in small packages.

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