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

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Tibor Hollo’s company, , (FECR) closed Tuesdah on the purchase of 1101 Brickell which was owned bythe now-defunct Leviev The South Florida Business Journal first a deal was in the workds in May. The developer announced the close of the purchase but did not disclosdethe price. Hollo’s company did not get third-parth financing for the according to acompany statement. Hollo is planninbg to invest $12 millioj to renovate the pair of offic e buildings onthe site. In addition to mechanicap repairsand upgrades, FECR plans new including space for a restaurant.
The physical makeoverd will include upgrading the airconditioniny system, generators, lighting, bathrooms, lobbies and landscaping. “We plan to significantlyu invest in the beautification and renovation of 1101 Brickell to improve conditionw for our current tenants and to continue to attract businesse interested in an attractive office buildin g in a prime location onBrickell Avenue,” Jerome Hollo, an FECR vice president, said in a Leviev Boymelgreen had planned to redevelop the which houses a pair of modest office into a massive office and residentiakl complex.
The city of Miami approved a permit to builda 74-story, mixed-use project with 270,000 square feet of 30,000 square feet of retail and 650 But, the partnership dissolved in acrimony, with Levie v Boymelgreen principal Lev Leviev eventually taking control of a portfolio of Miamoi properties, including 1101 Brickell. The selledr in Hollo’s deal was Africa-Israel Leviev’s company. The 1101 Brickell property housesaa 35-year-old, 11-story office renovated in the 1990s, and a 19-story offices tower built in 1985.
Tentants includw the Ilingua language school, the Venezuelan and Argentine consulates and Banco Industrial de Venezuela y Sociakl de Venezuela sold the property to Leviev Boymelgreenin 2005. Real estat e experts say Hollo likely will hold onto the 1101 Brickell site unti l the market rebounds and existing projectss already out of the groundare absorbed. Therer are three office buildings underd construction in the downtown Miami two of which have yet to signany