Crescent Real Estate has acquired the Ryder Colonnade office building in Coral Gables for $70.4 million, representing a 13 percent decrease from its price over a decade ago.
The buyer, based in Fort Worth, Texas, purchased the 11-story property at 169 Coral Way from AEW Capital Management. According to public records, Crescent secured a $67.9 million loan from FS Credit Originator, managed by Rialto Capital Management.
The Ryder Colonnade building was completed in 1988 and covers 205,400 square feet. The property is connected to the Hotel Colonnade Coral Gables, which was not included in this transaction. The purchase price comes out to $331 per square foot.
Recently renamed to include “Ryder” after Ryder System relocated its headquarters there from another part of Miami-Dade County, the building’s main tenant moved due to changes brought on by remote work trends.
In 2013, TA Associates Realty paid $81 million for the building before AEW Capital took over ownership two years later. Crescent Real Estate is led by Chairman John Goff and CEO Conrad Suszynski and manages $4.4 billion in assets as of February. The company clarified it is distinct from Miami-based Crescent Heights.
The sale reflects broader market pressures such as increased interest rates and rising costs for insurance and materials. Over the past two years, the Federal Reserve implemented multiple interest rate hikes before cutting rates four times more recently. These shifts have made refinancing challenging for some landlords with variable-rate debt.
While South Florida’s office market benefited from an influx of companies relocating to the region—driving rents higher—some owners are now selling properties at reduced prices due to financial pressures and changes in workplace habits.
Other recent discounted transactions include Foundry Commercial’s sale of Sawgrass Lake Center in Sunrise for $36.5 million—a nearly $21 million drop compared to seven years prior—and Rockpoint and partners’ sale of One Clearlake tower in West Palm Beach for $45 million, marking a discount of almost 26 percent from its previous sale price four years earlier.
