UPDATED: Spanish investor buys stake in Miami property
CORRECTION: The buyer of the Courvoisier Center in Miami was a private Spanish investor, not Hong Kong–based Swire Properties.
Parkway Properties has sold a 80 percent stake in the 335,000-square-foot Courvoisier Center in Miami. The property is valued at $175 million, making the sales price for the property interest to be $140 million. The new owner is a Spanish private investor.
Parkway Propertiesacquired the office building in 2014 for $145.8 million. The Orlando-based REIT will retain the remaining stake.
The two-building CBD office complex is 84 percent occupied. Major tenants include Live Nation and Sony, Young & Rubicam.
The Miami office market was ranked 21 in Real Capital Analytics’ “Top 40 Office Markets of 2015.” The city’s 2015 sales volume was more than $1.6 billion, a decline of 1 percent year over year. Since 2012, the city has been progressing upward in the vol