The Ryder Colonnade office building in Coral Gables was sold for $70.4 million. The South Florida Business Journal reports the Colonnade office last traded for $81 million in 2013. Ryder moved into the building in 2023.

AEW Capital Management sold the 206,812-square-foot office at 2333 Ponce De Leon Blvd. and 169 Coral Way to Crescent Real Estate. Rialto Capital Management provided a $67.86 million mortgage to the buyer.

CBRE’s Christian Lee and Sean Kelly represented the seller in the deal. CBRE’s Amy Julian and Andrew Chilgren worked on securing financing for the buyer.

The Rotunda was originally built in 1926, and the 11-story adjacent office tower was constructed in 1987. Morton’s Steakhouse and Baires Grill are located on the ground floor. It’s connected to the Marriott Hotel.

On its website, Crescent Real Estate states that it has a $16 billion portfolio comprising office, hotel, and multifamily properties.