96% of Office Condo Building Sells for $102 Per SF

HIALEAH, FL-Hialeah Condominium Holdings has acquired 84,000 sf, or about 96%, of the 87,500-sf Bank of America building at 900 W. 49th St. for just shy of $8.6 million or nearly $102 per sf. Two different entities each own 2% of the additional space in the office condo property.

Robert A. Eckstein, a principal of NAI Miami, negotiated the sale. Both the buyer and the seller are investor general partnerships. “The portion that traded hands is 95% occupied by 70 different tenants,” Eckstein tells GlobeSt.com. Among them are Bank of America and the Miami Herald. The rental rate, according to Eckstein, is $18.50 per sf. The building, which he says is “the Downtown landmark here,” was completed in 1973.

The selling general partnership is named after the building’s address and is headed by Brandon Lurie and L. Richard Mattaway of the Richard Brandon Co. Rodolfo Rodriguez is president of the partnership that acquired the building, and Rene Gonzalez and Ray Gonzalez are principals.