Sale Of $117M Downtown Tower Illustrates How Miami Office Market Is Thriving
The $117M sale of a 33-year-old, 87% leased Brickell office tower, closed last week, is yet another sign of investors' growing appetite for downtown Miami office real estate.
Brickell City Tower traded for just over $117M to NYL Investors from sellers Banyan Street Capital, Independencia Asset Management and Crocker Partners. In the past year, developers added 658K SF of office space in Miami-Dade County, according to Cushman & Wakefield's research.
Although…
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Miami's First Waldorf Astoria Will Be In A Supertall
Miami's first supertall tower, to be built at 300 Biscayne Blvd. in downtown, will carry the iconic Waldorf Astoria brand.
The building, designed at 1,049 feet and approved by the Federal Aviation Administration last year, would be higher than Miami's current tallest building, the 868-foot Panorama Tower, and comfortably rise above the planned 890-foot Okan Tower.
This week, the joint venture…
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City Council To Decide Fate Of 433-Unit Replacement Of Hollywood Bread Building
The city of Hollywood will vote Wednesday on whether to issue final approval to Parc Place, three rental apartment towers planned for the south side of Young Circle in downtown Hollywood. One of the buildings to be replaced is the long-abandoned…
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Core Real Estate Investment Is Dead
The days of traditional buy-and-hold core real estate investment could soon be over, according to a white paper from UBS Asset Management.
In its paper "Core real estate in a disruptive environment," UBS outlined how changes in society are rapidly feeding through to the way people use real estate, and that this poses a challenge to traditional core institutions investors like pension funds and insurance companies.
“Until now, core portfolios have been rather static and could be described as buy-and-hold strategies with occasional adjustments,” UBS said. But given the changes to the way people use real estate, “the traditional buy-and-hold-and-collect-the-rent-strategy is unlikely to be successful in the future.”
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Carolina Hotels, Multifamily Can Expect Short-Term Boom After Florence
As the busy summer season is winding down, hotel and multifamily property owners along the coastal Carolinas should brace for a new busy season: the aftermath of Hurricane Florence.
Using past hurricanes as a barometer, real estate experts are predicting an increased demand for short-term rentals after Hurricane Florence.
Newmark Knight Frank Senior Managing Director, Valuation & Advisory, Southeast Market Leader Raymond Higgins said after Hurricane Katrina, many of the apartment buildings and hotels were damaged. The ones that weren't raised their rents and experienced unusually high occupancy levels.
“It was a good time for the owners while supply and demand went their way,” he said. “It was hard on the residents.”
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Workspaces That Promote Health, Wellness Can Save Companies Millions
High-performance buildings can increase a tenant's profits by millions during the course of a standard 10-year lease, according to stok's “The Financial Case for High Performance Buildings” report, released Tuesday. This savings comes from increased retention, productivity and reduced absenteeism.
Companies have realized that retaining and attracting top talent means making sure workplaces incorporate the environmentally friendly values of the next generation of workers and have elements that increase productivity and wellness based on the latest scientific research, stok partner Warren Neilson said.
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