The suite sold for $1,643,500.
Lay and Puente represented OMM Project, a family-owned commercial real estate investment management company based in Miami.
Located in the heart of Miami’s Financial District, the 20-story, ± 231,500-square-foot office condo is situated on the corner of Brickell Avenue and Coral Way, just blocks from the new Brickell City Centre and Mary Brickell Village. It has a luxury lobby, open landscape plaza and Morton’s Steakhouse on the ground floor.
“The sale of 1200 Brickell office condo reflects tenants’ continued interest in locating their businesses in a major financial district like Brickell Ave, known as ‘Wall Street South’,” says Tony. “As the general ‘for lease’ Brickell office market continues to drop in vacancy and increase in rental rate pricing, the office condo market offers businesses the ability to lock in costs now and be rewarded for appreciation of the real estate over the long term. 1200 Brickell is a Class A converted office condo that has been very successful in attracting great tenants and businesses like Morton’s Steakhouse, BB&T Bank, Salvat USA, Inc. and Intercredit Bank.”
According to Jonathan, the current market is primed to invest in ownership of office real estate in Miami’s financial district.
“With the office market currently experiencing a decrease in inventory and office condominiums only being a small fraction of that market, activity remains steady for owner-users looking to control their exposure to increasing rents.“