The Rockpoint Group, a company based out of Dallas, has been spending a substantial amount of money in the South Florida area in the past several months. La Salle Investment Management is partnered with the Rockpoint Group on this investment. One of the largest and most recent purchases was for 1221 Brickell. This is a 27-story office tower located in the financial district of Miami. The Rockpoint Group paid $155 million for the tower according to the deed that was recently recorded.
Who Sold the Property?
The Rockpoint Group purchased the tower from a company called the Blackstone Group. They had owned the office through their Equity Office portfolio, and when they purchased the property in 2006, it had cost $107.3 million. Since it was a part of the Equity Office portfolio, it had paid $39 billion for the total amount of the portfolio. The $107.3 million was what the single property would have cost. Since they were able to sell for $155 million, they were able to make a substantial profit on the deal.
The office tower located at 1221 Brickell went up in 1986, and it has been serving the community as a premier office tower since. The tower features 408,000 square feet of prime office space. The price paid per square foot was $380.
Who Is in the Tower?
As mentioned, this is excellent office space, and as such, the tower is already home to many different high-level companies. The companies with space in the building currently include Delta National Bank & Trust Company and American Capital Corp. In addition, there are a number of restaurant tenants located on the ground floor. Some of these popular eateries include Jimmy John’s Famous Sandwiches and Giardano Gourmet Salads.
It is unlikely that the Rockpoint Group will be making any serious changes to the building, as it seems to be running quite well already.
Rockpoint Group Buying More Property in the South Florida Area
While this was certainly a large purchase, the Rockpoint Group is not satisfied to sit back and relax. They have been on something of a buying spree over the past few months, as mentioned. They recently paid $87 million for a large multifamily complex located in Pembroke Pines. They are also operating several other commercial properties in the South Florida area, namely in Brickell and South Beach.
It was in 2015 that the company paid $30 million for a property on Lincoln Road for retail space, and $113.5 million for Mary Brickell Village. Another purchase was Aloft South Beach, which the company paid $105 million for. They have also sold properties, including a complex in Key West. They sold this for around $57 million. The company seems to be quite active when it comes to buying and selling properties.
As you can see, there are plenty of big things happening with the Rockpoint Group, and they are certainly one of the companies you will want to watch in the South Florida area.
Resource: The Real Deal