The Daily Business Review, South Florida’s only business daily and official court newspaper, chronicles in its weekly “Dealmakers” column the work of South Florida professionals in putting together and finalizing many of the area’s largest real estate transactions. The firm’s Oscar R. Rivera and David B. Halberstein were the featured Dealmakers in this week’s column, which appeared in today’s edition of the newspaper. The article, which is titled “Attorneys for Buyer Closed $74M Office Deal with Bonus Acre to Develop,” focused on their work in representing the buyer of the Doral Costa office park in a $73.75 million acquisition. It reads:
The reasons an affiliate of Triarch Investment Group wanted to acquire the 17.8-acre Doral Costa Office Park are clear.
The three Class A office buildings are 96 percent leased in a strong submarket. Tenants include Allstate Corp., HSBC Bank and Samsung. The property has nearly an acre of developable land.
“The Doral area is a very attractive area. Developable land in the heart of an office complex was very attractive to this buyer group,” said Oscar Rivera, a shareholder with Siegfried, Rivera, Hyman, Lerner, De La Torre, Mars & Sobel, who along with associate David Halberstein represented buyer Doral Costa Capital LLC.
“These buildings are anchored by a significant and well-established group of tenants,” Rivera added. “It was a very solid investment for the buyer group.”
But completing the $73.75 million transaction with the seller, an affiliate of Boston-based TA Associates Realty, required fast work.
The article concludes:
. . .So many matters needed to be finalized that the buyer and seller agreed to extend closing by about 10 days.
“You had two motivated parties that were willing to work with each other to extend closing to be sure everything could be accomplished,” Rivera said.
The price of the deal that closed March 1 equates to $259 per square foot.
The office complex includes a three-story, 132,704-square-foot building at 9800 NW 41st St.; a four-story, 133,117-square-foot building at 9850 NW 41st St.; and a three-story, 19,739-square-foot building at 4090 NW 97th Ave. Two were built in 2001 and one in 2006.
The Aventura-based Triarch real estate company is led by Halberstein’s father, Daniel, along with Jorge Linkewer and Mario Grosfeld. Siegfried Rivera had represented Triarch for a number of years since before Halberstein joined the firm, Rivera said.
Rivera, who practices in his law firm’s Plantation office, heads the firm’s real estate and corporate practice group. Halberstein, who practices in Coral Gables, also focuses his practice on real estate.
The two work extensively with large commercial clients. They include Giralda PB LLC, developer of the block-long Giralda Complex in Coral Gables. The office tower, retail, condos and parking complex is under construction at the corner of Ponce de Leon Boulevard and Giralda Avenue. In March, Rivera said he expected to close on construction financing by the end of the month.
Our firm congratulates Oscar and David for being featured as the Dealmakers in today’s Daily Business Review. Click here to read the complete article in the newspaper’s website (registration required).