44 W. Flagler Street ("Courthouse Tower")
Brickman acquired the fee simple interest in 44 W Flagler for $27.5 million ($169 per square foot) in March 2016. The 25-story office tower was built in 1974 and is located in Downtown Miami in South Florida. The Property totals 162,510 square feet and is located across the street from the Miami-Dade County Courthouse.
Property type: Office
Investment type: Equity
Size: 163,156 SF
Investment date: March 2016
Brickman is currently repositioning 44 West Flagler Street to become a top-tier building in the Downtown Miami Class B office market. Brickman has identified an opportunity to separate 44 W Flagler from the competitive set by implementing a strategic base building capital improvement program and committing to spend $50-$60 per square foot for tenant improvements in currently vacant space. Upon acquisition, the in-place rents at the Property were significantly below targeted market rents and there is substantial near-term rollover, which presents an opportunity to drive rental rates and add value by leveraging Brickman's local market expertise and proactive in-house leasing capabilities.