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Sign in Sign up for a FREE subscriptionKKR, Parkway JV acquires office tower in Miami
The newly formed joint venture between KKR and Parkway Property Investments has purchased an office in Miami.
The 30-story office is approximately 522,000 square feet and located in the heart of Miami’s dynamic Brickell submarket.
The seller was Prudential Real Estate Investors, which bought the property in 2013 for $184.3 million.
Other terms of the deal were not disclosed, but The Real Deal reports the sales price to be estimated at $250 million.
1111 Brickell is a perennial fixture of the Miami skyline and part of the acclaimed mixed-use project that includes the adjacent JW Marriot Hotel on Brickell Avenue.
KKR and Parkway, in partnership with a curated group of renowned local and international designers, intend to complete a comprehensive renovation to transform the building into a modern work environment centered on hospitality, community and wellness.
KKR is funding the investment primarily from KKR Real Estate Partners Americas I
