July 16 (Bloomberg) -- Swire Properties Ltd., the Hong Kong builder investing more than $1 billion in a development in Miami, said it is paying over $64 million to buy a nearby site in the city to add to its Brickell CityCentre project.
The 1.55 acre site at 700 Brickell Avenue, bought through Swire Properties’s U.S. unit, is currently occupied by the Florida headquarters of Northern Trust Bank, the Hong Kong-based company said in a press release today. The sellers were Northern Trust Co. and the co-trustees of the Marjorie O. Brickell Revocable Trust, it said.
Swire Properties, which owns the Pacific Place and Island East commercial complexes in Hong Kong, is expanding outside the Asian city where the government has imposed extra transaction taxes on retail and office properties in the past year to quell concerns that an asset bubble is forming. The company also has developments in four other Chinese cities.
The Miami site will be incorporated into the Brickell CityCentre project, which will include a shopping mall, two apartment buildings, offices and a hotel, Swire Properties said.
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