Courvoisier Centre is a two-building office
complex, totaling 334,809 rentable square
feet with an adjacent five-story parking
garage. The seven-story Courvoisier Centre I
was completed in 1986 and the twelve-story
Courvoisier Centre II and parking garage
were completed in 1990.
Courvoisier Centre is located on Brickell
Key Island in Biscayne Bay, 400-feet off the
coast of Downtown Miami. Brickell Key Island
is an exclusive, gated island containing
high-end luxury condominiums and the
five-star Mandarin Oriental Hotel and Spa.
Courvoisier Centre is the only office
complex on Brickell Key.
Brickell Key is next to Brickell Avenue in
Downtown Miami, has convenient access to
Interstate 95 and is about 10 miles from
Miami International Airport.
Courvoisier Centre KEY FEATURES
Multiple corner offices and exclusive tenant
accessible balconies
Located on an exclusive, resort-style island
Covered garage parking
Unparalleled views of Biscayne Bay and
Downtown Miami
Across the street from the five-star
Mandarin Oriental Hotel and Spa
Contains multiple retail amenities,
including an upscale restaurant, gourmet
grocer and dry cleaners
Property Address 501 & 601 Brickell Key
Drive Miami, FL 33131
Year Constructed 1986/1990
Project/Building Architect CCI – Nichols and
Associates
CCII – J. Scott Architecture
Previous Building Owner Florida Office
Property Company
Year Purchased 2007
Structure Pre-cast, pre-stressed concrete
frame
Number Of Floors CCI – 7
CCII – 12
Rentable Area 334,809
Major Tenants Square Footage 28% - 94,328
Floor Plate Size CCI – 17,000
CCII – 19,000
Floor Load 50 lbs/sf
Slab To Slab Height 12’2”
Floor To Ceiling Height 9’
Elevators CCI – 2/1
CCII – 4/1 (passenger/freight)
Emergency Backup Yes
Fiberoptic System Description Yes
Building Security Description 24-hour
security, electric card readers
Tenant Access Hours 24-hours with a security
card-key
Loading Dock CCI – 2-bays
CCII – 3-bays
Major Tenants Young & Rubicam, Swire
Properties, Sony Ericsson, Credit Lyonnais
Brickell Key
office complex set for near-record sale
Friday, October 20, 2006 / South Florida
Business Journal - by Susan Stabley
The only office complex on Miami's Brickell
Key has been put up for sale for the first
time.
Courvoisier Centre is expected to sell for
more than $170 million, according to Jones
Lang LaSalle, which is exclusively marketing
the two-building, 335,000-square-foot Class
A mixed-use office complex.
"We think it's going to command top market
pricing," Jones Lang LaSalle Managing
Director Tom Beneville said. That
might translate into record pricing for
office space. If Courvoisier Centre sells
for $170 million, that is about $476 a
square foot, including the retail square
footage with the office space.
Those numbers would rival the recent record
sales of a pair of Miami Beach office
buildings: The Lincoln, which sol for $74
million, or $458 a square foot in August;
and Lincoln Place, which sold for $62
million, or slightly more than $440 a square
foot in June, according to Cushman &
Wakefield.
"Records are meant to be broken," said CB
Richard Ellis Executive VP Christian Lee,
who handled the Lincoln Place transaction.
"Miami now trumps Chicago from an investment
point of view. Manhattan and D.C. are the
only other markets on this coast that are
more desirable."
Foreign buyers from as far as Dubai and
Australia have been inquiring about the
property for more than a year, said Gavin
Campbell, president of complex owner Florida
Office Property Co.
"Miami was the best of the second tier. Now,
it's in the big five," he said, citing San
Francisco and Los Angeles as the two other
major markets.
Campbell said he expects the property to be
bought by someone looking for a long-term
hold - possibly as long as 30 years - what
he called a "generational buyer."
"Tell me where in the continental U.S. can
you buy a Class-A office building on an
island, surrounded by a sea of high-end
residential and a five-star hotel?" he said,
referencing the Mandarin Oriental Hotel.
The Courvoisier Centre property includes
22,000 square feet of retail, a waterfront
jogging park, tennis courts and some land
for potential development. But its biggest
attraction may be the building's
revenue-producing 941-space parking garage -
the only public garage on the private
island, just off Miami's financial corridor.
"Companies that want to move to our building
tell us: 'We like your office building, but
we really like your parking garage,'" he
said.
Courvoisier is 85 percent leased and is
currently bringing in as much as $45 a
square foot, Campbell said. Rates at
Courvoisier Centre have increased by 30
percent over the last 12 months.
Tenants include Credit Lyonnais, Sony
Ericcson, Young & Rubicam and Swire Pacific
Holdings, which developed the gated
community.
Florida Office Property Co. is a privately
held REIT in the process of divesting its
holdings. It bought the two buildings from
Swire in an off-market transaction in
February 1999 for an undisclosed amount.
Miami, Apr. 12, 2007
– Jones Lang LaSalle announced today that
its Capital Markets group has sold
Courvoisier Centre, a Class A, two-building,
335,000-square-foot mixed-use office
property on exclusive Brickell Key to
Tishman Speyer on behalf of Florida Office
Property Company, a private REIT advised by
LaSalle Investment Management. This was the
first time the property was offered to the
investment community since its development
in the late 1980’s.
The Jones
Lang LaSalle sales team was headed by New
York based Tom Beneville and Jay Miele, with
local Miami participation from Jubeen
Vaghefi and leasing agent Eric Groffman.
“We received
a great deal of interest from a variety of
sources including the public REITs, pension
funds, local and national private buyers,
and from a significant amount of off-shore
investors,” said Mr. Beneville. “We were
able to negotiate a strong sales price due
to Courvoisier Centre’s island location, its
strong rental rates, its superior amenities
and finishes and its stunning views of
Biscayne Bay, Fisher Island and South
Beach.”
Nationally,
Tishman Speyer is among the largest owners
of real estate with a portfolio of assets
which includes Rockefeller Center in New
York City and Franklin Center in Chicago.
The purchase of Courvoisier Center is
Tishman Speyer’s first acquisition in
Florida in over two decades.
Jones Lang
LaSalle’s Capital Markets Group reported
nearly half of the properties it has sold in
the last 24 months have been to investors
who were making their first investment in
that particular market, a direct result of
the wide net it casts through its marketing
efforts, both nationally and
internationally. Tishman Speyer's entry
into the Miami market further demonstrates
the fact that Miami is now viewed along the
same lines of other major U.S. markets such
as New York, Washington DC, Los Angeles and
San Francisco. Natural geographic
boundaries, the continued population growth
and job growth fuel significant rent growth
and institutional investors continue to look
for opportunities to invest there.
Overlooking
Biscayne Bay, Courvoisier Centre features a
gated, resort-quality island setting with
360-degree views of the bay and the downtown
Miami skyline. The trophy property offers
best-in-class office space and an abundance
of on-site amenities, including 22,000
square feet of retail space; numerous tenant
terraces and corner offices; a waterfront
jogging park; drive-through bank; and a
923-space parking garage - the only public
garage on Brickell Key Island.
Courvoisier Centre is located directly
across the street from the five-star
Mandarin Oriental Hotel and its related
restaurants, health spa and conference
facilities. Its other island neighbors
offer some of the highest quality upscale
residential condominium towers in Miami. It
also convenient to Interstate 95 and area
beaches.
The property
is over 89 percent leased and tenants
include Credit Lyonnais, Sony Ericcson,
Swire Pacific Holdings, Inc., and Young and
Rubicam. These are the only office
buildings that will ever be developed on
Brickell Key and currently are achieving the
highest rental rates in both Brickell and
Downtown, the two submarkets that comprise
Miami’s CBD. |
