MIAMI, June 24, 2019/BUSINESS WIRE – CGI Merchant Group LLC (CGI), a private-equity, alternative investment manager focusing on commercial real estate and infrastructure, today announced the acquisition of 550 Biltmore Way (“550 Biltmore”) . Located in the heart of Coral Gables, FL, 550 Biltmore is considered a Class A Trophy mixed-use asset. With this purchase, CGI’s portfolio expands to include one of South Florida’s most iconic landmark office properties in one of the top gateway investment markets in the country.
This architecturally distinctive, 16-story pyramid-shaped office property totals 162,293 rentable square-feet and is located just two blocks from Coral Gables’ bustling “Miracle Mile” shopping district, which features a myriad of upscale dining, retail and hotel options within a short walk.
“We are excited to announce the addition of 550 Biltmore to our growing portfolio,” says Raoul Thomas, founder and CEO of CGI. “Since first acquiring 55 Miracle Mile in 2014, our goal has been to continue expanding our footprint in the `City Beautiful’ of Coral Gables, one of the most desirable suburban office markets in the Southeastern United States. As an investor, this was a strategic decision for us–one that we are confident will contribute to the continued success of CGI in this competitive market.”
Downtown Coral Gables continues to thrive, attracting and retaining high-end tenants seeking a luxurious, centrally-located space with cachet and convenience. The area’s rise in popularity is also due in large part to the city’s $80 million investment to enhance infrastructure, including street lighting, street resurfacing, as well as the numerous mixed-use developments currently underway, such as The Plaza and Gables Station.
Overall, 550 Biltmore’s unique design offers tenants varying floor plate sizes and outdoor terraces with outstanding vistas overlooking historical Mediterranean revival buildings, fountain plazas, world-class golf courses and upscale residential neighborhoods. Built in 1986 and extensively renovated in 2013, the property has been institutionally owned and maintained throughout its history. Additionally, the property has exceptional on-site amenities, including valet parking, a café, a high-end hair salon, an inviting Wi-Fi enabled lobby lounge area, and an ATM.
The Capital Markets Group of Cushman & Wakefield acted as the exclusive agent for the sale of 550 Biltmore. An affiliate of MSD Partners, L.P. served as the lender on the transaction for the purchase of 550 Biltmore.
Current 550 Biltmore tenants include UBS Financial Services, Inc., Richemont Latin America, LLC, and Miami Plastic Surgery Institute, among others.
About CGI Merchant Group
CGI Merchant Group (“CGI”) is a private equity, alternative investment management that focuses on real estate value-added investment opportunities in the South Florida region. Through strategic and effective management and financing, CGI increases the value of its assets on commercial real estate and infrastructure investments and transforms them into Class A, fully-operational assets. Within the past six months, the firm has deployed more than $400 million of capital in multiple assets classes including executive offices and retail space. The Firm has a wealth of knowledge on capital markets – which combined with their ingenuity and experience – distinguishes them from other alternative investment managers.
For more information, visit www.cgimg.com
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
About MSD Partners, L.P.
MSD Partners, L.P., an SEC-registered investment adviser, was formed in 2009 by the principals of MSD Capital, L.P. to enable a select group of investors to invest in strategies that were developed by MSD Capital. MSD Capital was established in 1998 to exclusively manage the capital of Michael Dell and his family. MSD Partners utilizes a multi-disciplinary investment strategy focused on maximizing long-term capital appreciation by making investments across the globe in the equities of public and private companies, credit, real estate and other asset classes and securities. MSD Partners’ team operates from the firm’s offices in New York and Santa Monica.
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