AEW buys Florida offices

The Boston-based real estate investment firm has acquired the 355 Alhambra Circle office building in South Florida's Coral Gables submarket.

AEW Capital Management has purchased 355 Alhambra Circle, a 16-story, class A office building located in Coral Gables, Florida.

The property was acquired from JP Morgan Investment Management, according to local press reports, which set the purchase price at about $90 million (€58 million).

The property, comprising 224,241 square feet of space, is currently leased to tenants including Kraft Foods Latin America, Merrill Lynch, Washington Mutual Bank, Wells Fargo Bank and Accenture.

This is not the first investment in Florida’s Coral Gables submarket for Boston-based AEW. The real estate investment firm acquired the 160,000-square-foot 550 Biltmore Way office building in Coral Gables from JP Morgan in 2004.