June 26, 2019
Miami-based CGI Merchant Group acquired 550 Biltmore, a 162,293-square-foot office building in Coral Gables for $54.4 million. The 16-story, pyramid-shaped office property features Art Deco architecture and is located two blocks from Coral Gables’ ‘Miracle Mile’ shopping district.
Built in 1986 and renovated in 2013, the property has been institutionally owned and maintained throughout its history. On-site amenities include valet parking, a café, a hair salon, WiFi enabled lobby lounge area and an ATM. The property is currently 89% leased to a tenant roster that includes UBS, Cartier and Heinemann Americas Inc. In 2014, CGI acquired the nearby 55 Miracle Mile office building and maintains a goal of expanding their footprint in Coral Gables, according to Raoul Thomas, CEO of CGI.
Mike Davis, Miguel Alcivar, Dominic Montazemi, Scott O’Donnell, Rick Brugge, Brian Gale and Ryan Holtzman of Cushman & Wakefield represented the seller, a global real estate investment manager, in the transaction. An office leasing team of Gale, Holtzman, Andrew Trench and Jeannette Mendoza of Cushman & Wakefield will serve as leasing advisor for 550 Biltmore.
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