Rockpoint Group has acquired 1221 Brickell, a Miami office building. The seller was not identified. No financial terms were disclosed. Holliday Fenoglio Fowler LP represented the owner in the sale.
MIAMI–(BUSINESS WIRE)–Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of 1221 Brickell, a 408,423-square-foot, iconic office building in Miami’s Brickell Financial District.
HFF represented the owner in the sale of 1221 Brickell to Rockpoint Group LLC. Additionally, HFF represented the prior owner of 1221 Brickell in the 2006 sale to the current joint venture.
1221 Brickell Avenue is located on the “Main and Main” corner of Brickell Avenue and Coral Way in the core of Brickell Avenue, Miami’s premier office submarket. The 26-story tower occupies an entire city block and is leased to a high-quality roster of local, national and multinational tenants, including Lydecker Diaz, Regus, Banco Do Brasil, Safra National Bank of New York and Clyde & Co. 1221 Brickell offers tenants an array of amenities, including various restaurants, a conference facility, 24-hour security, dry cleaning service, a 5,000-square-foot daycare center, ample parking and a car wash facility.
The HFF investment sales team representing the seller was led by senior managing director Hermen Rodriguez, executive managing director Manny de Zarraga, director Ike Ojala, associate director Tracey Good and senior analyst Christina Kong.
“This offering attracted top domestic and foreign investors as the Miami CBD continues to be a very sought after market,” stated Rodriguez.
From the beginning of 2016 through first quarter 2017, HFF has closed over $45.3 billion of investment sales transactions nationally, including approximately five million square feet of office sales in South Florida.
About Rockpoint Group, L.L.C.
Rockpoint Group, L.L.C. is a global real estate investment management firm. Since its inception in 2003, Rockpoint Group, L.L.C. is a real estate private equity firm headquartered in Boston, with additional primary offices in Dallas and San Francisco. Since 1994, Rockpoint’s founding Managing Members with others have sponsored thirteen commingled funds and related co-investment vehicles, raising over $18 billion in capital commitments and investing approximately $14 billion of equity in over 385 transactions with a total capitalization of approximately $51 billion. Rockpoint employs a fundamental value approach to investing in both its opportunistic and lower-risk strategies and focuses on select product types and geographic regions, with a primary emphasis on opportunities in major coastal markets in the United States.
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.