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Miami’s Landmark Building Is Sold



North Dade’s most recognizable landmark was just sold to a group of European investors. The 1971 building, still standing out in spite of the Miami area’s recent architectural boom, was designed by architect Carson Bennett Wright to host the headquarters of Miami millionaire Tom Ireland’s Mortgage Corporation of America.

Winner at the time of virtually every beautification and landscape award around, the cantilevered building’s façade was built using 167 tons of Tennessee River boulders and 15,000 board feet of imported teak walls. The stone-and-wood theme was also preserved in the interiors, and in most office suites the wood finishes are still intact.

The property was last owned by Ted Kretzschmar, the President of 50 State Security Service, Inc., headquartered in the building. 50 State will remain in the building as its main tenant, currently occupying half of the facility. Jeff Cohen and Luigi Mercurio of South Florida’s Real Estate giant Esslinger-Wooten-Maxwell represented the buyers, while Matt Geimer and Patrick O’Hare of Florida Corporate Realty represented the seller.

“I always loved this building”, said Mercurio. “It’s a quite unique structure in Miami’s landscape, and I was very excited to learn that it could have been bought. I knew exactly who to bring to the table, and they loved the architecture as much as the investment opportunity”.

Miami’s office market is one of the strongest in the nation. Its 7.4% vacancy rate is the second lowest after New York City’s, in spite of the fact that Miami’s $28.17 per square foot average rate is higher than the $23.80 national average. “More and more people are moving to South Florida”, commented Cohen. “Even if the condo bubble will prove penalizing for some speculators, there is no doubt that whatever is being built will be filled, and any increase in population inevitably brings higher demand for office space”.

About EWM Commercial

EWM Commercial provides specialized real estate services to financial institutions, investors and land owners.

Founded in 1964, Esslinger-Wooten-Maxwell, Inc., a subsidiary of Warren E. Buffet’s Berkshire Hathaway Inc., is one of the largest real estate services firms in the US, with sales of more than $2 billion in 2006.


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