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 greater Miami submarket. The building, which was 64.7 percent leased at closing, is located on a two-acre site on the southeast corner of Brickell Avenue and Coral Way. The building was acquired in a joint venture with PRUPIM, one of the UK’s leading real estate investment managers.
The area’s economy continues to be among the strongest performers in the country, and Equity Office believes Miami will continue to generate strong job growth and steady demand for office space going forward, according to a press statement.
Equity Office Properties Trust is a publicly held office building owner and manager with a total office portfolio comprising 109.6 million square feet in 16 states and the District of Columbia.