1200 Brickell continues on its upward trajectory as it inks its biggest deal yet.
Sales director Marcello Agostini announced the $10.8M sale. The office, occupied by a AAA tenant, offered the buyer a great investment scenario with a pre-negotiated long term lease. Other such opportunities are still available.
The project, a 20-story conversion at 1200 Brickell Avenue and Coral Way, is adjacent to its first project, at 1110 Brickell, which sold out, said Fortune sales director Marcello Agostini. As of early March, Fortune had sold 60% of the units at 1200 Brickell and reported zero cancellations.
"It's a great option for companies that want to secure their office locations. Tehy can finance their purchases rather than renegotiating their leases," Agostini said. "Banks are inerested in funding our clients. First, they see it as an alternative product so they don't have to focus so much on residential, and second, the commercial buyer is stronger than the typical residential buyer," he added. "There are less question marks on this kind of deal, because it's being underwritten based on having a tenant in place with a cash flow negotiated."