Crescent Real Estate buys discounted Coral Gables office building for $70M

Crescent Real Estate bought the Ryder Colonnade office building in Coral Gables for $70.4 million, marking a 13 percent discount from its price over a decade ago.  Fort Worth, Texas-based Crescent bought the 11-story building at 169 Coral Way from AEW Capital Management, according to records. The buyer borrowed a $67.9 million loan from FS Credit Originator, in the care of Rialto Capital Management.  Completed in 1988, Ryder Colonnade spans 205,400 square feet, according to its website. It’s attached to the Hotel Colonnade Coral Gables, which wasn’t part of the sale. The price amounts to $331 per square foot.  The […]This article originally appeared on The Real Deal. Click here to read the full story.