Polsinelli Leases Office Space In Miami's South Biscayne Boulevard From BEA Equities
315 South Biscayne Boulevard, Miami, FL 33131
Building Size
23,617 SF
Asset Type
Office
Closing
Aug 31, 2021
About this deal
AI
A lease transaction has taken place for an office space located at 315 South Biscayne Boulevard in Miami. The tenant, Polsinelli, has entered into a 10-year lease agreement with the landlord, BEA Equities. The lease was facilitated by CBRE representatives Kevin Gonzalez, Maggie Kurtz, and Jake Freeman, who acted as the tenant's representatives. The landlord was represented by Daniel Durkin from Cresa.
Summary of transaction details
- Property Type: Office
- Asking Rent: $45/ft.
- Square Footage: 23,617 SF
- Transaction Date: 08/31/2021
The lease agreement involves a total of 23,617 square feet of office space. Polsinelli has committed to a 10-year lease term at an asking rent of $45 per square foot.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93