SBS Tower highlights office-condo trends [South Florida]
Apartment rental buildings are being turned into condominiums at breakneck speed, but offices are being converted as well. A Coconut Grove office building may be the biggest office-condo conversion yet.
A high-rise in Coconut Grove is slated to be turned into office-condominiums, in a deal that appears to be the biggest office-condo conversion to date in South Florida.
Key Real Estate Development has signed a contract to buy the 21-story SBS Tower from Irradio Investments, a corporation headed by Spanish Broadcasting System Chairman and Chief Executive Raul Alarcon Jr. The deal is valued at more than $100 million for the 295,000-square-foot office building, which comes with a 1,097-space garage and 16 residential townhomes in the rear. The transaction for the 2601 S. Bayshore Dr. office tower is set to close by the end of May.