1401 Brickell Office Tower Miami

Blumberg Office, in partnership with Brickell Ltd., acquired the 1401 Brickell Office Tower in downtown Miami, FL, in 1996. The 14-story building is 188,000 square feet with a six-floor parking garage and serves as a regional headquarters for major tenants including Citibank, Willis Faber, Kurt Salmon, the Securities and Exchange Commission and Banco Santander, the building’s previous owner. Part financing for the deal was provided in a $20 million mortgage by United States Fidelity and Guaranty. The acquisition price of $27,750,000 equals $138 per square foot, or 20 per cent lower than the estimated reproduction cost of $165 psf. Buying at a significant discount to reproduction cost is an investment characteristic of Blumberg Office.

The acquisition of the 1401 Brickell Office Tower was a statement of confidence Blumberg Office has in downtown Miami’s commercial prospects and especially in the Brickell Avenue market, one of the premier financial centers in the USA.

The building had been extensively renovated following its acquisition in 1993 by the prior owner, who remains a long term tenant. Blumberg Office’s property management and leasing arm manages the 1401 Brickell Office Tower.