AVR Realty has paid $239.1 million for the Telemundo’s headquarters in Miami.
The seller of the 476,000-square-foot headquarters for the Spanish language network was TM Miami FL Landlord, controlled by SunTrust Bank’s SunTrust Equity Funding.
The asset consists of 13 studios, two digital labs, virtual and augmented reality sets.
The Miami-Dade office market continued to show signs of strength going into the fourth quarter 2018, even with the current surplus of new space from construction, according to Cushman & Wakefield. The unemployment rate dropped to 4.1 percent, down 90 basis points year-over-year on an increase of 22,100 jobs. Positions in the Education and Health Services sector, a major user of office space, rose by 3.1 percent, or 5,700 jobs over the past 12 months.
The office market in Miami-Dade ended the third quarter with solid fundamentals. The healthy amount of leasing activity and positive absorption has kept the market in stable condition. Cushman & Wakefield anticipates increases in office asking rents on strong tenant demand and new construction in both the CBD and major suburban submarkets.
