Crescent Real Estate Acquires Ryder Colonnade Office Building In Coral Gables For $70.4M

The office asset involved in this transaction is an 11-story building located at 169 Coral Way in Coral Gables. The property spans 205,400 square feet and sold for a total price of $70,400,000, which equates to a price per square foot of $343.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $70,400,000
• Buyer: Conrad Suszynski & John Goff - Crescent Real Estate
• Seller: Jonathan Martin - AEW Capital Management
• Lender: FS Credit Originator via Rialto Capital Management
• Square Footage: 205,400
• Price Per Square Foot: $343

Conrad Suszynski and John Goff of Crescent Real Estate facilitated the acquisition of the property, which was financed through a $67.9 million loan from FS Credit Originator via Rialto Capital Management. Notably, this acquisition represents a 13% discount from the property's 2013 price, amidst broader pressures in the South Florida office market attributed to higher rates, remote work, and increasing operational costs.