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Ryder Colonnade Office Building in Coral Gables Sold for $70.4M
The Ryder Colonnade office building, located in Coral Gables, Florida, has been sold for $70.4 million. The property last changed hands in 2013 for $81 million, marking a decrease in value. Ryder moved into the building in 2023.
AEW Capital Management sold the 206,812-square-foot asset, located at 2333 Ponce De Leon Blvd. and 169 Coral Way, to Crescent Real Estate. Financing for the acquisition was facilitated by Rialto Capital Management, which provided a $67.86 million mortgage.
The transaction was brokered by CBRE, with Christian Lee and Sean Kelly representing the seller. CBRE’s Amy Julian and Andrew Chilgren assisted in securing financing on behalf of the buyer.
The Ryder Colonnade property consists of a historic rotunda originally built in 1926, along with an 11-story office tower added in 1987. The building features ground-level retail tenants including Morton’s Steakhouse and Baires Grill and is connected to the Marriott Hotel.
Crescent Real Estate, the buyer, holds a diverse $16 billion portfolio spanning office, hotel, and multifamily properties.
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