S
outh Florida's office market saw significant sales in 2024, with the majority aligning with market trends. Miami's Brickell Financial District remained a top choice for investors, with the largest deal being a $443 million sale at 701 Brickell Avenue. This marks the third consecutive year that Brickell has hosted the top South Florida office deal.

    In contrast, suburban offices were sold at a discount due to an elevated interest rate environment and concerns over remote work's impact on the market. Three sales in Boca Raton, Coral Gables, and Doral were all below their previous purchase prices.

    The Federal Reserve's recent interest rate cut has provided some relief, but rates remain high. Landlords are also facing increased expenses such as insurance costs and questions about the long-term resilience of the office market.

    Here are South Florida's top 10 office sales of 2024:

    1. Elliott Investment Management and Morning Calm Management paid $443 million for the 701 Brickell tower.

    2. Miami-Dade County purchased an office complex in the Fontainebleau neighborhood for $182 million, which will house various county departments.

    3. Adam Neumann's Flow and Israeli firm Canada Global bought the Aventura Corporate Center for $116.2 million.

    4. Gatsby Enterprises paid $82 million for the One Town Center building in Boca Raton at a 17.6 percent discount from its purchase price in 2021.

    5. Colonnade Properties acquired the Douglas Entrance campus in Coral Gables for $76 million, marking a 25 percent discount from the sellers' original price in 2014.

    6. Fortress Investment Group bought the Design Center of the Americas in Dania Beach through a $76 million credit bid after a months-long legal battle with Charles Cohen's Cohen Brothers Realty.

    7. C-III Capital Partners purchased One Park Square at Doral for $71 million, a 26 percent discount from its sale price seven years ago.

    8. MSC Group paid $67 million for its North America headquarters in Miami's Overtown neighborhood.

    9. Robert Rivani's Black Lion bought The Lincoln in South Beach for $62.5 million, marking a 42.8 percent discount from its sale price eight years ago.

    10. Prologis dropped $55 million for a Verizon subsidiary's headquarters near Doral, with plans to redevelop it as a logistics center.