The iconic 1111 Lincoln Road designed by architects Herzog & de Meuron has been purchased by a new owner, according to The Miami Herald. 

The 263 space parking garage with 40,000 square feet of retail and 110,000 square feet of office space cost $65 million and opened in 2010.

The property was purchased in 2005 by developer Robert Wennett for $23.5 million.

UPDATE: 1111 Lincoln has been purchased by German investment fund Bayerische Versorgungskammer for $283 million.