Brookwood Affiliate Buys 30-Story Office Building

MIAMI-Brookwood Biscayne Tower Investors LLC, an affiliate of Boston-based Brookwood Financial Partners LP, has acquired the 30-story office building New World Tower here for $43.5 million, or $159.77 per sf. The building has 272,267 sf of rentable space and a 12-story parking garage attached.

The building was approximately 72% leased and houses general office users, as well as more than 50 telecommunications tenants that maintain international and domestic switches, voice over Internet protocol and collocation facilities at the property.

The property is located on Biscayne Boulevard in the city’s central business district. The tower, which has offers unobstructed views of Biscayne Bay, Miami Beach and Downtown, is adjacent to Bayfront Park and is within walking distance of Bayside Marketplace, a shopping and dining district, as well as many other stores and restaurants, the American Airlines Arena and the site of the proposed Performance Arts Center. The nearby developments will be a marketing tool to gain additional tenants, according to Thomas W. Brown, senior managing director and director of acquisitions for Brookwood.

“We look forward to the planned development of residential units and mixed-use buildings, as well as significant office and entertainment projects, as an attractive package to recruit new tenants,” Brown says. “We believe the limited current construction activity in the Miami (central business district) and the improving economic indicators will have a positive impact on vacancy rates and rental rates over the next 18 to 24 months in the submarket.”

The building is Brookwood’s 11th South Florida acquisition. Through its affiliated companies, Brookwood has acquired about $175 million in properties in South Florida in the last eight years.

CB Richard Ellis represented the seller in the transaction.