Crescent Real Estate has acquired the Ryder Colonnade office building in Coral Gables for $70.4 million, representing a 13 percent decrease from its sale price more than ten years ago.
The 11-story property, located at 169 Coral Way, was purchased from AEW Capital Management by Crescent, which is based in Fort Worth, Texas. Public records indicate that Crescent secured a $67.9 million loan for the transaction from FS Credit Originator, managed by Rialto Capital Management.
Ryder Colonnade was completed in 1988 and offers 205,400 square feet of office space. The building is connected to the Hotel Colonnade Coral Gables; however, the hotel was not included in this sale. The purchase price equates to $331 per square foot.
Recently, the tower was renamed to include “Ryder” after Ryder System moved its headquarters there from another location in Miami-Dade County where it had been based for about two decades. Ryder’s move to a smaller office follows trends associated with increased remote work.
In 2013, TA Associates Realty of Boston paid $81 million for the building. Two years later, AEW Capital took over ownership through an entity acquisition according to state corporate records.
Crescent Real Estate is led by Chairman John Goff and CEO Conrad Suszynski and manages assets totaling $4.4 billion as of February this year. The company is distinct from Miami-based Crescent Heights.
This sale comes at a time when higher interest rates and increased costs—including insurance and materials—are affecting commercial real estate transactions. Although the Federal Reserve reduced its benchmark rate four times over the past two years, it previously raised rates aggressively during 2022 and 2023. These increases have made refinancing more difficult and raised costs for landlords with variable-rate loans.
While South Florida’s office market benefited recently from new companies relocating to the region—leading to record-high rents—some property owners are facing challenges due to higher borrowing costs and shifts toward remote work. This has led some landlords to sell their buildings at discounted prices.
Other recent examples include Foundry Commercial’s sale of Sawgrass Lake Center in Sunrise for $36.5 million earlier this year—a drop of nearly $21 million compared to its previous price seven years ago—and Rockpoint along with partners selling One Clearlake tower in West Palm Beach for $45 million in May, marking a discount of almost 26 percent compared to four years prior.
