June 18, 2018 Comments Off on KKR, Parkway JV Picks Up Miami Asset for $250M Views: 2921 Florida, National News, Southeast

KKR, Parkway JV Picks Up Miami Asset for $250M

KKR and Parkway Property Investments, LLC acquired 1111 Brickell, a 30-story roughly 522,000-square-foot Class A office tower in Miami from Prudential Real Estate Investors for $250 million. The asset was purchased in a newly-formed joint venture between affiliates of KKR and Parkway.

The asset is a perennial fixture of the Miami skyline, and part of the acclaimed mixed-use project that includes an adjacent JW Marriot Hotel. Constructed in 2000, 1111 Brickell features panoramic views of Miami and Biscayne Bay, an expansive lobby and approximately 18,000 square feet of green space.

The new owners plan to complete a comprehensive renovation to transform the building into a modern work environment centered on hospitality, community and wellness.

CBRE’s Christian Lee, José Lobón, Amy Julian and Andrew Chilgren handled the deal. Square Mile Capital Management LLC originated the acquisition financing.

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