How big is the building?

Contemporaneous reporting described it as a fifteen-storey office building in Coral Gables. Rentable area figures vary between sources depending on whether common areas and parking are counted, so this record uses the storey count that reporting agreed on rather than a square-footage number it cannot reconcile.

Why did an office building in Coral Gables run into trouble?

Office assets across the United States repriced after 2022 as leasing patterns changed and interest rates rose, and a building bought on one set of assumptions had to be refinanced on another. This record does not attribute the outcome at 550 Biltmore Way to any particular decision; it records that the debt could not be carried and that control followed the debt.

Is this the same building as 55 Miracle Mile?

No. Both are in Coral Gables and both were in the same portfolio, but they are different buildings with different uses and different outcomes. The Biltmore Way tower is the office asset covered here; 55 Miracle Mile is retail, secured by a $23.4 million CMBS loan that later entered special servicing.

Asset file · Office · Coral Gables

550 Biltmore Way: the Coral Gables office tower ownership record and the 2026 foreclosure

Q: When was it acquired?

The acquisition was announced as a South Florida landmark purchase during the firm’s acquisitive phase, and the property sat in the portfolio alongside the Coral Gables retail at 55 Miracle Mile. It was among the office assets that carried the portfolio’s exposure to the Coral Gables submarket.

550 Biltmore Way is a fifteen-storey Coral Gables office building that entered the portfolio during the acquisitive phase and left it in early 2026. Its ownership record is the clearest office-sector case in this portfolio.

Sector: Office
Location: Coral Gables
Storeys: 15
Outcome: Lost, 2026

Fifteen-storey office block elevation with a stepped shadow

The 550 Biltmore Way ownership record

550 Biltmore Way Coral Gables sits on one of the principal office corridors in the city, a submarket that has historically traded at a premium to the wider Miami-Dade office market because of its tenant profile: professional services, family offices, and Latin American corporate representation. Buying an office tower there in the early 2020s was a bet on that premium holding through a period when office space everywhere was being reassessed.

The acquisition was announced during the firm’s acquisitive phase as a South Florida landmark purchase, and the building sat in the portfolio alongside the Coral Gables retail at 55 Miracle Mile. Together they gave the portfolio a concentrated position in one submarket across two different property types, office and retail, which is a structure that performs well when a local market is strong and compounds a problem when it is not.

In early 2026 the building was reported lost through foreclosure, with The Real Deal covering the outcome and the change of ownership that followed. As with most of this portfolio, the exit came through the debt rather than through a sale at a chosen moment. That distinction runs through the whole record and is set out in general terms on the deal mechanics page.

Why Coral Gables office assets repriced

Office valuation rests on contracted income. A building is worth the rent it has locked in, discounted for the risk that tenants leave and the cost of replacing them. That makes office assets slower to reprice than hotels, since a hotel repriced nightly through 2020 while an office building only reprices as leases roll, but it also makes the repricing harder to reverse once it starts.

Two things moved at once after 2022. Occupiers reduced the space they took per employee, so renewals came in smaller than expirations. And the cost of debt rose sharply, so the same building refinanced at a materially lower value even where its income held. An asset bought before both changes had to be refinanced after both of them.

Coral Gables was more resilient than most US office submarkets through that period, which is worth stating because it cuts against an easy narrative. The outcome here was not a case of a weak market taking a building down. It was a case of a capital structure assembled under one set of assumptions meeting a refinancing environment built on another.

Rectangular floor plate divided into tenant zones — An office building’s income is a set of lease terms; when they roll, the value moves with them.

The 2026 foreclosure and what the record can establish

The foreclosure at 550 Biltmore Way Coral Gables in early 2026 was reported by The Real Deal, and it sits beside the loss of the firm’s own Coconut Grove headquarters, which passed to Torose Equities against a $32.5 million mortgage bought from Madison Realty Capital while the position was in UCC foreclosure. That was an enforcement, not a sale by the firm, a distinction this record keeps. Torose and Sabal Investment Holdings resold the building for $61 million in February 2026, as Commercial Observer reported. Read together the two events mark the point at which the portfolio’s South Florida position closed out.

This record is deliberately narrow about what followed. Foreclosure processes have several possible endings (a completed sale, a deed in lieu, a negotiated restructuring, a credit bid by the lender) and they carry different consequences for everyone involved. Where the sources establish which route was taken, the record says so. Where they do not, it records that the asset was lost and names the process, and it does not fill the gap with an inference.

That restraint is the reason a page like this can exist at all. The firm described here still operates, and the events are recent. Reporting what published sources establish, and stopping precisely where they stop, is what separates a record from a commentary.

Sources

The Real Deal CGI Merchant loses 550 Biltmore as its portfolio cracks 3 Feb 2026
The Real Deal Foreclosure woes worsen for Raoul Thomas’ CGI Merchant Group 28 Feb 2025
Commercial Observer Torose and Sabal sell office in Miami’s Coconut Grove for $61M 5 Feb 2026

Questions on the record

The building was reported lost by its owner in early 2026, with The Real Deal covering the outcome. Control moved through the debt rather than through a negotiated sale. Where reporting has not established the identity of a completed new titleholder, this record says the asset was lost and names the process, rather than naming a party the sources do not support.