Brickman buys Courthouse Tower in downtown Miami

The 23 story Courthouse Tower office building in downtown Miami has traded hands for $27.5 million. Picked up by New York-based Brickman, the 162,510 square-foot mixed-use building is located on West Flagler Street. Built in 1974, the property has 7,137 square feet of retail space and 155,373 square feet of office space, with major tenants Sabadell United Bank and GEICO Insurance. The asset last traded in 2006 for $27.5 million. RKF Senior Directors Benjamin Mandell and John Ellis and Executive VP Drew Schaul represented the buyer.

“Brickman’s acquisition of the Courthouse Tower in Miami marks an important milestone and makes a big statement for the future of Downtown, as it highlights the market’s potential and Brickman’s desire to play an important role in revitalizing the area,” said RKF Senior Director Benjamin Mandell. “There are plans to renovate the existing office spaces and upgrade the building’s common areas to better suit Brickman’s vision for downtown Miami.”