International real estate advisor Savills has advised Deka Immobilien Global Fund on the sale of BAC Colonnade, a Class-A office tower in South Florida, to Boston-based real estate advisor TA Associates Realty for approximately $81 million (€61 million) in an off-market transaction.
International real estate advisor Savills has advised Deka Immobilien Global Fund on the sale of BAC Colonnade, a Class-A office tower in South Florida, to Boston-based real estate advisor TA Associates Realty for approximately $81 million (€61 million) in an off-market transaction.
The 205,295 sq ft (19,072 sq m) building is located at 2333 Ponce de Leon in Coral Gables at the prominent intersection of Ponce de Leon Blvd and Miracle Mile.
The 11-story property’s signature architecture, historic rotunda, and presence in the Coral Gables skyline makes it one of the Miami area’s most well-known landmarks.
“Deka was able to leverage the improving fundamentals of the Miami-Dade real estate market to close an off-market transaction that was highly satisfactory to all parties,” said Robert Stamm, executive managing director with Savills.