Orlando-based Parkway Properties has sold an 80 percent stake in the Courvoisier Centre, at a gross asset value of $175 million. The 346,000-square-foot two-building office complex on Miami’s Brickell Key Drive will be owned by a new joint venture with an unnamed foreign capital source. Parkway Properties will keep a 20 percent interest in the asset and will handle property management and leasing duties for the partnership.
“The recapitalization of Courvoisier Centre will enable Parkway to realize significant value appreciation in the asset, meaningfully participate in its future growth and create a partnership that could be used to accelerate our growth in Miami and other markets,” said James R. Heistand, president and CEO of Parkway. “This transaction represents another significant step in Parkway’s continued capital recycling strategy.”
