Real Estate News

Espirito Santo Plaza in Brickell sells for $142 million

Espirito Santo Plaza.
Espirito Santo Plaza. Miami Herald File

Espirito Santo Plaza, a 36-story office tower in Brickell, has sold for $142 million.

The building had been owned by subsidiaries of Banco Espirito Santo of Lisbon, a Portuguese bank that failed in 2014.

The buyer is Gaedeke Group, a real estate firm based in Dallas, according to county records. Gaedeke secured a $65 million mortgage on the property, at 1395 Brickell Ave., from JP Morgan Chase Bank.

Miami’s tight office market means that office space is going for top dollar. A 15-story tower at 800 Brickell Ave. sold to an arm of Deutsche Bank for $112 million in May.

“High barriers to entry and rising demand for office space have put a premium on existing buildings, especially those located in and around the urban core,” Jim Shindell, an attorney for Bilzin Sumberg, said in a statement. “Such properties should continue to attract top dollar as long as these dynamics exist.”

Bilzin represented the seller in the deal.

The proceeds of the sale will go to creditors of the Portuguese bank, the Real Deal reported. Its local affiliate Espirito Santo Bank, which has one branch and is headquartered at the building, changed its name to Brickell Bank earlier this summer.

Venezuela’s Benacerraf family has agreed to buy the rebranded bank for $10 million, although regulators must still approve the deal, according to the Wall Street Journal.

The Conrad Miami hotel, also located in the building, was not part of the deal.