Equity Office grows South Florida portfolio

Gains share in 2 office towers

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Equity Office recently purchased interests in two Miami, Fla., office properties for approximately $249.8 million. The acquisitions include a 50 percent interest in Wachovia Financial Center for $194 million and a 50 percent interest of 1221 Brickell Ave. for approximately $55.8 million. Wachovia Financial Center is a 55-story, 1.1 million-square-foot office building located on a 2.4-acre site in Miami's central business district. The building, which was 94 percent leased at the time of sale, has unobstructed ocean views over Bayfront Park, and a large open-air plaza lined with retail shops and restaurants. Macquarie Office Trust, a leading Australian listed real estate trust, is the joint venture partner on the asset. WestWind Capital Partners, on behalf of a KanAm closed-end fund, sold the 50 percent interest that Equity Office acquired in Wachovia Financial Center. The second property, 1221 Brickell Ave., is a 388,492-square-foot, class A, 26-story office building in Brickell, a ...