Brazilian Construction Magnates Pay $140 Million For 777 Brickell

Brazilian investors have purchased 777 Brickell, a waterfront 13-story office building, for $140 million.

The buyer is Alliance RE Holdings LLC. All of the managers listed for the company are affiliated with Grupo ARG, a construction company based in Belo Horizonte, Brazil. They include the founder of ARG Adolfo Geo Filho, Rodolfo Giannetti Geo, Jose de Lima Geo Neto, Euler Miranda da Costa and Antonio de Pádua Pereira. ARG has operations throughout South America and in Africa.

Miami real estate broker Marcelo Violland, formerly of Brazil,  represented the buyers.

The sale includes a 589,020 square foot office building, which was built in 1980 and is 93% leased. It sits on 164,661 square feet of land, or 3.78 acres.

The property last sold in 2002 for $44.6 million to a division of Pacific Life Insurance.

As a comparison, Related Group and GTIS Partners paid $104 million last year for the 444 Brickell property on the Miami River in late 2013. That lot size is 175,969 square feet.