A private group of real estate investors/developers has purchased the SBS Tower, a 295,000-square-foot Class A office building located across the street from Biscayne Bay in the posh Coconut Grove section of Miami in an unusual transaction.

KRA Office Tower L.L. C., the entity that purchased the building, will convert the tower, where Spanish Broadcasting Systems has its offices, into condominiums, including the 16 town houses at the rear of the building. SBS Tower also has a 1,092-space parking garage.

The principals of KRA Office Tower L.L.C. are Eddy Avila, his son Carlos Avila, and Simon Abel Groll. Avila said that Wachovia Bank financed the entire purchase of the 17-year-old building. It is an unusual deal as most office condominiums are smaller buildings.

Avila noted that asking prices for the office condos at the SBS Tower would average $450 per square foot. Currently, the building has a number of high-profile tenants, including Oppenheimer & Co. Inc., Miami-based architectural firm Bermello, Ajamil and Partners Inc., and Miami-based Ocean Bank.

By M. Sese
http://realestatepress.org