Abs of Steel?

AUGUST 3, 2009 VOL. XV, NO. 30
source: iirealestate.com

Peabody Flexes Muscle With Miami High Rise Peabody Properties, a Braintree, Mass.-based developer, has completed the largest steel high-rise office building in south Florida. The initial plans for the 230,000-square-foot, 24-story Latitude One called for reinforced concrete. “But the supply and demand curve for reinforced concrete was at all-time high, so we re-designed the building in steel,” said Karen Fish-Will, v.p. With the Class A building, Peabody is trying to tap into a niche market for office condos. “Office condominiums are a relatively new offering in South Florida,” Fish-Will explained, adding that the company will market space as an investment opportunity. The property is within the Miami Enterprise Zone and thus eligible for tax breaks. Although Peabody can sell condos as small as 650 square feet, Latitude One can accommodate a floor plan configuration up to 18,000 square feet. These offices are fully furnished and move-in ready. The company favors the multifamily sector but does have office, storefront and some mixed-use holdings in New England, Florida and Atlanta. On average it aims for returns of 20% or more and uses about 80% leverage on its acquisitions.

By: 2009-08-03

Press Contact: Peabody Properties, Inc. Tel: 781-794-1000