New World Tower

This 270,000 square foot Class B office building in Miami’s central business district with 40% occupancy was originally purchased for $12 million. Capitalizing on telecom deregulation, the property was converted to a mixed-use telecommunications/ office building. The property received cosmetic improvements and was retro-fitted for telecom infrastructure which led to a rapid increase in both occupancy and revenue per square foot. The property was later sold at an 85% occupancy rate for $43.5 million.

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