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Building on Miami's Brickell Avenue Pulled Off the Market


Building on Miami’s Brickell Avenue Pulled Off the Market

Banco Santander International has canceled plans to sell its 15-story office building in downtown Miami.

Services and Promotions Miami LLC, an entity tied to Santander, hired Avison Young last year to market its 188,138-square-foot building at 1401 Brickell Ave. It was expected to be a prime redevelopment opportunity, given that the bank was seeking another Miami location and other tenants there are on short-term leases.

In an emailed statement to CoStar News, spokeswoman Ann Davis declined to say what prompted the change.

“We have re-evaluated our decision to sell our multi-tenant office building at 1401 Brickell in Miami and have decided to take the building off the market,” Davis said. “We are appreciative of our broker, Avison Young, for all of the work they have done on our behalf.”

Avison Young brokers did not return calls.

A South Florida commercial real estate expert familiar with the bank’s situation said the decision to pull the listing stems from accounting or tax implications resulting from a sale and temporary lease-back.

Santander bought the building for $114 million, or about $606 per square foot, from Tesran SA back in 2008, according to CoStar data.

See CoStar COMPS #1528442.

Davis said last year that Santander has made substantial improvements to the building and predicted it would be an attractive investment. Banco Santander International is the lead tenant in the building, which was originally constructed in 1974.

Brokers say there are limited development sites on the east side of Brickell and predicted that a new owner would want to tear down the existing building in favor of a mixed-use project.

Paul Owers, South Florida Market Reporter  CoStar Group   

Source: Building on Miami’s Brickell Avenue Pulled Off the Market

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