Hollo closes on purchase of 1101 Brickell - Puget Sound Business Journal (Seattle):

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Tibor Hollo’s company, , (FECR) closex Tuesday on the purchase of 1101Brickell Ave., which was owner by the now-defunct Leviev Boymelgreen. The South Floridw Business Journal first a deal was in the worksin May. The developed announced the close of thepurchase Wednesday, but did not disclosw the price. Hollo’s company did not get third-parth financing for the deal, according to a company statement. Hollo is planninyg to invest $12 million to renovatde the pair of office buildings onthe site.
In additiobn to mechanical repairsand upgrades, FECR plansd new retail, including space for a The physical makeover will includde upgrading the air conditioning system, generators, bathrooms, lobbies and landscaping. “We plan to significantlyt invest in the beautificatioj and renovation of 1101 Brickell to improvs conditions for our current tenants and to continue to attract businesseas interested in an attractivde office building in a prime location onBrickelo 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 Miamk approved a permit to builda 74-story, mixed-usr project with 270,000 square feet of office, 30,0090 square feet of retail and 650 But, the partnership dissolved in acrimony, with Levievb Boymelgreen principal Lev Leviev eventually taking control of a portfolioo of Miami properties, includinfg 1101 Brickell. The seller in Hollo’s deal was Africa-Israelk Properties, Leviev’s company. The 1101 Brickelll property housesa 35-year-old, 11-story offic tower, renovated in the and a 19-story offices tower built in 1985.
Tentants include the Ilinguw language school, the Venezuelan and Argentinde consulates and Banco Industrial de Venezuela y Social de Venezuela sold the property to Leviev Boymelgreein 2005. Real estate experts say Hollo likely will hold onto the 1101 Brickellp site until the market rebounde and existing projects already out of the grounedare absorbed. There are threw office buildings under construction in the downtowhMiami area, two of which have yet to sign any