Hollo closes on purchase of 1101 Brickell - Orlando Business Journal:

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Tibor Hollo’s company, , (FECR) closedf Tuesday on the purchase of 1101 Brickell which was owned bythe now-defunct Leviev The South Florida Business Journal first a deal was in the works in May. The developerr announced the close of thepurchasde Wednesday, but did not disclose the price. Hollo’s company did not get third-partyt financing for the deal, according to a company statement. Hollk is planning to invest $12 milliohn to renovate the pair of office buildings on the In addition to mechanical repairs and FECR plansnew retail, including spacs for a restaurant.
The physical makeover will includd upgrading the airconditioning system, generators, lighting, lobbies and landscaping. “We plan to significantly invest in the beautificatio and renovation of 1101 Brickell to improvwe conditions for our currenty tenants and to continue to attract businesses interested in an attractivs office building in a prime location onBrickellk Avenue,” Jerome Hollo, an FECR vice president, said in a Leviev Boymelgreen had planned to redevelop the which houses a pair of modes t office buildings, into a massive officse and residential complex.
The city of Miami approved a permit to builda 74-story, mixed-use projectf with 270,000 square feet of office, 30,000 square feet of retailk and 650 residences. But, the partnership dissolved in with Leviev Boymelgreen principal Lev Leviev eventuallt taking control of a portfoli ofMiami properties, including 1101 The seller in Hollo’s deal was Africa-Israel Properties, Leviev’s company. The 1101 Brickelo property housesa 35-year-old, 11-story office renovated in the 1990s, and a 19-story office towerd built in 1985.
Tentants include the Ilingua languager school, the Venezuelan and Argentine consulates and Banci Industrial de Venezuela y Social de Venezuela sold the properth to Leviev Boymelgreenin 2005. Real estate experts say Hollo likelg will hold onto the 1101 Brickell site until the marke t rebounds and existing project already out of the groundxare absorbed. There are threre office buildings under construction in the downtowjnMiami area, two of which have yet to sign any