Swire Properties won the heated bidding for the 700 Brickell site in Miami for $65 million, according to sources who asked not to be named.
Defaults of South Florida properties covered by commercial mortgage-backed securities (CMBS) accelerated in the fourth quarter as aggressive loans made during the boom years went sour.
DeVry University and Royal Caribbean Cruises have a new landlord after a New Jersey investor paid $43 million for two buildings in Miramar.
While the residential real estate market suffered in 2006, commercial property surged in comparison.
The only office complex on Miami’s Brickell Key has been put up for sale for the first time.