March 2, 2016
The 23-story Courthouse Tower in downtown Miami traded for $27.5 million.
Courthouse Tower LLC, managed by Richard Donovan in Coral Gables and Christopher W. Bramley in Garner, Massachusetts, sold the 162,510-square- foot mixed-use building at 44 West Flagler Street to New York-based Brickman. RKF Senior Directors Benjamin Mandell and John Ellis and Executive VP Drew Schaul represented the buyer. The seller was represented by Mika Mattingly.
Santander Bank provided a $20.6 million loan to the buyer.
The price equates to $169 per square foot. The building has 7,137 square feet of retail space and 155,373 square feet of office space, with tenants such as Sabadell United Bank and GEICO Insurance. It’s near the county courthouse and county government center.
The city recently started building pedestrian and street enhancements to Flagler Street downtown.
“Brickman’s acquisition of the Courthouse Tower in Miami marks an important milestone and makes a big statement for the future of Downtown, as it highlights the market’s potential and Brickman’s desire to play an important role in revitalizing the area,” said Mandell. “There are plans to renovate the existing office spaces and upgrade the building’s common areas to better suit Brickman’s vision for Downtown Miami.”
Brickman hired Blanca Commercial Real Estate to lease Courthouse Tower.
“Courthouse Tower perfectly aligns with Brickman’s strategy to acquire assets in prime locations around the country, and renovate and reposition the assets to attract high-quality tenants and maximize their potential and stature within the community,” CEO Tere Blanca said “Brickman’s vision for Courthouse Tower includes investing significant capital to renovate and reposition the building from an aesthetic and functional point of view, including everything from a new lobby and elevators to adding tenant amenities such as conference and fitness centers.”
Courthouse Tower was built on the 7,440-square- foot site in 1974. It last traded for $27.5 million in 2006 – the same at its recent sale.