The office building at 3480 Main Highway in Coconut Grove sold for $61 million to Azora Private Solutions, setting a neighborhood record at more than $1,000 per square foot for the 55,000-square-foot property. The deal works out to approximately $1,109 per square foot, a figure that places it among the priciest office trades in all of Miami-Dade County.

The sellers, Torose Equities and Sabal Investment Holdings, gained control of the building through a distressed acquisition. The pair purchased a $32 million mortgage on the property approximately one year prior after the previous owner, CGI Merchant Group led by Raoul Thomas, defaulted on loan payments. That default triggered a UCC foreclosure process, allowing Torose and Sabal to take title at a steep discount to the building's market value.

The building is well tenanted, with office occupants including Ridgeback Biotherapeutics, Longpoint Realty Partners, and RedBird Capital Partners. The ground floor and rooftop are home to restaurants Amal and Level 6, adding a food-and-beverage component that supports both foot traffic and rental income.

The buyer, Azora Private Solutions, is a joint venture between Miami-based Exan Capital and Madrid-based Advenir Azora. The firm has been actively building a Coconut Grove office portfolio — it previously acquired two additional office buildings in the neighborhood for a combined $82 million in September 2025. With this latest purchase, Azora has now deployed $143 million in Coconut Grove office assets in less than six months.

The record price per square foot reflects the growing premium that institutional investors are placing on boutique, amenity-rich office product in Miami's walkable neighborhoods. Coconut Grove's tree-lined streets, dining scene, and proximity to Brickell have made it a favored submarket for tenants seeking an alternative to the density of downtown Miami.