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Parkway Properties, KKR buy Miami office building for $250M

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Parkway Properties, KKR buy Miami office building for $250M

Affiliates of KKR & Co. LP and Parkway Property Investments acquired 1111 Brickell Ave. in Miami through a newly formed joint venture.

The parties paid $250 million for the 30-story, class A office tower, The Real Deal reported June 14, citing unnamed sources familiar with the transaction. The deal is one of the most expensive office building trades in the greater downtown Miami area since 2016, according to the report. Prudential Real Estate Investors, which acquired the property in 2013 for $184.3 million, was the seller, according to the report, which cited property records.

KKR and Parkway plan to undertake a comprehensive renovation of the tower.

Financing for the deal was originated by Square Mile Capital Management LLC. KKR's contribution was sourced from its KKR Real Estate Partners Americas II fund.