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

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Tibor Hollo’s company, , (FECR) closeed Tuesday on the purchase of 1101 Brickell which was owned bythe now-defunct Leviev Boymelgreen. The Soutgh Florida Business Journal first a deal was in the workdsin May. The developer announced the close of thepurchasew Wednesday, but did not disclose the price. Hollo’s compan y did not get third-party financingy for the deal, according to a company Hollo is planning toinvesrt $12 million to renovate the pair of offic buildings on the In addition to mechanical repairs and FECR plans new retail, includinvg space for a restaurant.
The physical makeoveer will include upgrading the airconditioning generators, lighting, bathrooms, lobbiees and landscaping. “We plan to significantly invest in the beautificationj and renovation of 1101 Brickelk to improve conditions for our current tenants and to continuee to attract businesses interested in an attractive office building in a prim location onBrickell Avenue,” Jerome Hollo, an FECR vice said in a Leviev Boymelgreen had planned to redevelop the site, which housees a pair of modest office into a massive office and residential The city of Miami approvedc a permit to build a 74-story, mixed-use project with 270,00o0 square feet of office, 30,000 squarw feet of retail and 650 But, the partnership dissolved in with Leviev Boymelgreen principal Lev Leviebv eventually taking control of a portfoliok of Miami properties, including 1101 The seller in Hollo’ws deal was Africa-Israel Properties, Leviev’s company.
The 1101 Brickellp property housesa 35-year-old, 11-storyu office tower, renovated in the 1990s, and a 19-storyt office tower built in 1985. Tentants include the Ilingua language school, the Venezuelab and Argentine consulates and Banco Industrial de Venezuelza y Social de Venezuela sold the property to Leviev Boymelgreehnin 2005. Real estate experts say Hollp likely will hold onto the 1101 Brickelpl site until the market reboundsw and existing projects already out of the ground are There are three office buildings under constructiom in the downtownMiami area, two of which have yet to sign any