Regions Southeast | Miami
Aug 9, 2007
By: Adam Perrotta, News Writer
The Rilea Group, developer of the 588,000-square-foot 1450 Brickell office tower in Downtown Miami, has scored a $172.5 million construction financing package for the project.
Spanish bank Bancaja stepped up as lead lender of a consortium of several other institutions: Banco De Sabadell, Colonial Bank, Banco de Credito E. Inversiones and Pacific National Bank. The financing was arranged on behalf of the lenders by Edgar Lewis, an attorney with Gunster Yoakley & Stewart P.A.
1450 Brickell has already broken ground and is due to open in 2009, and preleasing of more than 588,000 square feet of Class A office as well as 10,000 square feet of ground floor retail has already begun. The 35-story tower (pictured) features floor plans ranging from 24,000 to 26,000 square feet.
Developer Rilea is no stranger to the city, having brought several high profile projects to the market since 1981, including One Broadway, a 36-story, 371-unit luxury apartment complex. Overall, Rilea has built or is in the process of building some 6.4 million square feet of space.
The Miami office market looks fairly healthy, with a vacancy of just 6.7 percent in the city's CBD as of the second quarter of this year, according to real estate services firm Grubb & Ellis Co. Asking rents, meanwhile, sat at an average of $40.23 per square foot of Class A space during the same period.
By: Adam Perrotta, News Writer
The Rilea Group, developer of the 588,000-square-foot 1450 Brickell office tower in Downtown Miami, has scored a $172.5 million construction financing package for the project.
Spanish bank Bancaja stepped up as lead lender of a consortium of several other institutions: Banco De Sabadell, Colonial Bank, Banco de Credito E. Inversiones and Pacific National Bank. The financing was arranged on behalf of the lenders by Edgar Lewis, an attorney with Gunster Yoakley & Stewart P.A.
1450 Brickell has already broken ground and is due to open in 2009, and preleasing of more than 588,000 square feet of Class A office as well as 10,000 square feet of ground floor retail has already begun. The 35-story tower (pictured) features floor plans ranging from 24,000 to 26,000 square feet.
Developer Rilea is no stranger to the city, having brought several high profile projects to the market since 1981, including One Broadway, a 36-story, 371-unit luxury apartment complex. Overall, Rilea has built or is in the process of building some 6.4 million square feet of space.
The Miami office market looks fairly healthy, with a vacancy of just 6.7 percent in the city's CBD as of the second quarter of this year, according to real estate services firm Grubb & Ellis Co. Asking rents, meanwhile, sat at an average of $40.23 per square foot of Class A space during the same period.
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