Stonerock Capital Partners and Triple Double have completed the acquisition of two properties in downtown Miami. The properties are located at 200 SE 1st Street and 44 W. Flagler Street. They paid $56.7 million for both properties. The 200 SE 1st property is a 12-story, 13,200 square meter (142,233 square foot) data center and office building listed as a Cogent Communications facility. On the other hand, the 44 W. Flagler Street property is a 26-story, 15,265 square meter (164,312 square foot) office building.
According to the new owners of these properties, the assets will be “repositioned” to ensure that current and future tenants get a world-class work environment. Both buildings currently have a combined occupancy of 59%. The President of Triple Double Real Estate, Jeremy Becker, expressed his delight about the acquisitions. He said he’s confident that office users will see the buildings for what they are, which is quality.
