Royal Caribbean building sold, tenant to stay put

The owner of a 49,650-square-foot office building occupied by Royal Caribbean Cruise Lines has sold the property to an unidentified buyer for $14 million.

A joint venture between Falcon Real Estate Investment Co. LP and a Kuwaiti-based investor unloaded the property after nearly five years' ownership. The two-building property, located in Miramar, Fla., is situated on 8.2 acres, offers an open floor plan that is conducive to call center operations, and includes an employee cafeteria.

According to Scott Sweeney, executive vice president of Falcon Real Estate, the joint venture "believed that selling the property with the longest possible lease term remaining maximized its value, and the achieved price of $282 per-square-foot compared very well with other transactions during the year."

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