Real estate investment firm Triple Double and Stonerock Capital Partners have acquired a data center and office building occupied by Cogent Communications.
The two companies this week announced the purchase of two downtown Miami properties; 44 W. Flagler Street, and 200 SE 1st Street. BizJournal reports the companies paid a combined $56.7 million for the two sites.
44 W. Flagler is a 26 story, 164,312 square-foot (15,265 sqm) office building. 200 SE 1st is a 12-story, 142,233 square-foot (13,200 sqm) office and data center building listed as a Cogent Communications data center.
The acquisition of these properties has closed, and the two companies said they plan on “repositioning the assets” to ensure a 'state-of-the-art' work environment for current and future tenants. Both buildings had a combined occupancy of 59 percent at the time of sale.
Though the press release says the properties were bought from an undisclosed seller, real estate private equity firm Brickman lists 200 SE 1st Street as one of its investments, saying it acquired the leasehold and fee interests in February 2016. The buildings last sold for a combined $61.35 million in 2016, with $33.8 million being paid for 200 SE 1st.
The 200 SE 1st facility, built in 1958 and renovated in 2015, is one of two Cogent operate in Miami, the other in the Doral area of the city. The company offers 5,368 sq ft (500 sqm) of colocation space from the site. DigiPort and Level3/Lumen have also previously been listed as tenants of the data center.
Jeremy Becker, President of Triple Double Real Estate said: “The acquisition of the 44 W. Flagler, across the street from the County courthouse and 200 SE 1st Street, a technology-focused building, are great additions to our current portfolio. We believe office users will rediscover all that these buildings have to offer; we look forward to re-ingratiating these classic assets into the fabric of Downtown Miami.”
These properties represent the 4th acquisition in partnership between Triple Double and Stonerock Capital Partners in the last year.