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Gaedeke Acquires Espirito Santo Plaza In Miami's Financial District
September 17, 2015
Dallas-based Gaedeke Holdings XII has closed on the Espirito Santo Plaza, an architecturally acclaimed trophy in the heart of Miami's Financial District.
The 36-story tower, totaling 266,692 rsf of office space, was designed by Kohn Pederson Fox Associates. Developed in 2004, the signature high rise and 12-level, 894-space parking structure occupy a full block on Brickell Avenue, an international center of commerce. The on-site 203-room Conrad Miami Hotel was not part of the acquisition.
"The Gaedeke family has always appreciated the architecture of this asset," says Kirk Fetter, vice president of leasing for Gaedeke. "It's exciting to add such a beautiful class A property to our portfolio." Leasing and management are handled in-house.
Gaedeke will rename and rebrand the mixed-use property at 1395 Brickell Avenue in the coming months. "We will be innovative in our rebranding approach and mindful of the high-profile nature of the property," says Glenn S. Lickstein, president of Gaedeke Group LLC, who negotiated for the buyer. "We want to elevate the property to its rightful place as the dominant top-tier office address in Miami."
With simple, elegant lines and an iconic sculptural form, Espirito Santa Plaza's concave façade creates a dramatic gateway for visitors and residents. The main entry from the west is a tree-lined plaza with a pedestrian bridge crossing a curved reflecting pool. The east entrance's focal point is a glass-enclosed, four-story water court leading to the main elevator lobbies.
Espirito Santo Plaza's iconic design includes a luxurious 11-story atrium sky lobby with stunning interior and exterior views for the hotel suites, restaurant, lounge and 116 condominiums. A 113-foot glazed aperture offers striking views of Biscayne Bay and the Atlantic Ocean. The glass curtainwall system design is 100% waterproof during hurricanes and storm surges. A Peoplemover station is situated directly across the street from the landmark property. Additional class A amenities include a landscaped roof deck on the parking garage with a fitness center, swimming pool, two tennis courts, whirlpool, sundeck and garden. A second fitness club is located below the sky lobby. Exan Capital represented the seller.
Gaedeke has had an ownership position in downtown Miami for two decades with the 234,104-rsf Museum Tower at 150 W. Flagler St. The investment group's portfolio includes class A office properties in Arizona, Tennessee, Texas, the District of Columbia and Florida.
Gaedeke Group, founded in 1995, is a full-service real estate firm that provides investment, acquisition, management, leasing, construction management and portfolio management services. Headquartered in Dallas, Gaedeke's current portfolio encompasses 3.2 million square feet of class A office properties in Arizona, Florida, Tennessee, Texas and Washington, D.C.
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