Mexican Consulate Building In Brickell Sold For $32M

Developer TSG Group has purchased an office building at 1399 Southwest First Avenue in Brickell for $31.75 million.

Records show that the Consulate General of Mexico has a ten-year lease that commenced in 2012.

Plans for a knife-handle-shaped tower once prepared for the site “are not associated with this acquisition,” according to a spokesperson.

 

TSG GROUP ACQUIRES PRIME BRICKELL

SITE FOR $31.75 MILLION

MIAMI (August 14, 2017) ─ TSG Group – a boutique, diversified real estate development and investment company in South Florida – announced today the acquisition of a 44,575-square-foot site near Brickell Avenue for $31.75 million.

Located at 1399 Southwest First Avenue, the property sits in the heart of Miami’s Financial District, directly adjacent to the Infinity Brickell. The Consulate General of Mexico currently occupies 23,000 square feet of space within an existing, 34,935-square-foot office building on the site.

“We are excited to have completed this transaction, acquiring such a highly-desirable property in the epicenter of the city,” said Jorge Escobar, Managing Partner of TSG Group. “The purchase of this site supports TSG Group’s bullish strategy to increase its footprint in areas with a solid trajectory for growth.”

TSG Group obtained the site from Chestnut Capital, LLC, under the entity TSG Brickell First, LLC. Alfonso Jaramillo of Fortune International Realty oversaw the transaction on behalf of both parties.

“This prime property adds to our portfolio of high-quality assets throughout South Florida,” added Camilo Lopez, CEO and Managing Partner of TSG Group. “Miami’s thriving business core is poised for future growth, and we look forward to continuing to be a part of it.”

As part of TSG Group’s long-term real estate strategy, it also recently announced its plans to engage in a commercial development in the Design District – DD41 – to encompass nearly 9,000 square feet of leasable retail space. The company is also behind Coral Gables’ newest ‘Class A’ office condo development, Ofizzina, which will introduce 97,669 square feet of space among 16 stories, presenting a contemporary professional environment that breaks the mold of the traditional nine-to-five workplace. Now 80 percent sold, Ofizzina will introduce a robust amenity program and prime offices when it is completed later this year. Also delivered by TSG Group in this real estate cycle is the successful 80-unit boutique building, cassa brickell, and the Cassa at Georgetown townhome community outside of Fort Lauderdale, Florida.

 

these odp architects plans for the site are not associated with the buyer:

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Anonymous
4 years ago

We can only dream of something this innovative, and not another Bond box or SLS Brickell. Hell, maybe Infinity II Brickell originally proposed where the latter is, can be fitted for the site.

William
4 years ago

Great infill. Good location. Easy access to major modes… And publix!

Anonymous
4 years ago

Publx is just a glorified Sedano.
When you’ve been to supermarkets in California, NY or anywhere else for that matter, you realize Publix is 3rd World status. Plus, their deli is pathetic.

Anonymous
4 years ago

How dare you speak of Publix subs in that way…

Anonymous
4 years ago

Future development should be focused on office towers for job creation.

Anonymous
4 years ago

This.

Anonymous
4 years ago

Office towers create jobs?

Okay Economics Professor.

Adam Smith
4 years ago

Businesses, especially multi national entities, are attracted to strategically situated class A office space from other markets. When they move in, jobs follow.

Anonymous
4 years ago

Multi national entities are attracted to places that enjoy a quality of life that’s commensurate with wages and housing, high levels of education in the populace, and a racial mixture that’s not overwhelmed by aliens where many I would say, refuse to learn or speak the host country’s language.

You can build all the office towers you want, but if there is no demand for them, they’ll just sit there empty.

Anonymous
4 years ago

Agree we need office towers downtown but keep in mind business now prefer the likes of Doral and Miramar to have the view of the Palmetto and the Everglades rather than Biscayne Bay and our skyline.
Go figure!!!!

Anonymous
4 years ago

I hope this gets built. Unique design.

Anonymous
4 years ago

it clearly says the design has nothing to do with the people who bought it

Marc305
4 years ago

The article mentions that:
“TSG Group – a boutique, diversified real estate development and investment company in South Florida” puchased the lot. What this more than likely means is that it was purchased to sit and flip. Probably to be developed after 2022, when the Mexican Embassy’s lease runs out. Good for them, great investment.

Anonymous
4 years ago

The Developer has created really unique projects. Cassa Brickell is one of my favorite condo buildings in Miami. I am really excited to see what the group brings to this site.

Andres
4 years ago

Great investment in the Miami Core, this area west of SW 13th and East of SW 1st will be the next hot development spoke in Brickell in a few years….

Anonymous
4 years ago

Really?

Anonymous
4 years ago

I love anything in Brickell SOUTH of SW 13th Street and obviously EAST of 95. All the Brickell perks without the traffic.

aceraroja
4 years ago

Shame to tear down this pretty and fun modernist work of art for another stupid stucco blob but maybe tastes will improve by 2022.

Anonymous
4 years ago

If you have any info on what’s going to get built there, can you please share it with us?