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Miami’s Tallest Tower Due In 2022

The Okan Tower is still on track to be finished in mid 2022, according to Okan CEO Kasim Badak. The $300 million project was put on hold because of the pandemic.

“The pandemic affected us,” Mr. Badak said. “But it affected everyone around the world. We stopped any operations, but we are back in business.”

Bekir Okan, a Turkish billionaire businessman, is building what would be the tallest tower in Miami and first for Okan in the US from the ground up. The building was designed by Behar Font and Partners Miami architecture firm to represent a tulip, the flower of Turkey. It is to rise at 555 N Miami Ave. and stand 70 stories tall, with 64,000 square feet of Class A office space, 294 rooms by Hilton Hotel & Resorts, 149 condominium residences and four penthouses.

In its 890 feet of height, the Okan Tower is still planned to include three pools, one outside on the 70th floor, a spa, an outdoor lounge, a fitness center, a gastro kitchen, a children’s play center, a wine cellar, a rooftop restaurant, a movie theater and a cigar room.

“We are celebrating an extraordinary person, Mr. Okan,” Miami Mayor Francis Suarez said at the Okan Tower launch party at the Perez Art Museum on May 21, 2018. “We open our arms to you and we know your project is going to be very successful.”

They had already sold 30 condos and condo-hotel units by May 2018.

When Mayor Suarez asked Mr. Okan why he loved Miami, he answered, “I love the weather, I love the casual lifestyle, but most importantly I love the people.”

Miami’s tallest tower today is the Panorama Tower, standing 868 feet.

 

Source:  Miami Today

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Four-Building Office Complex Trades In Off-Market Deal

Julian Huzenman, Vice President of Leasing & Brokerage with FIP Commercial Realty, arranged the sale of a four-building office complex located at 1515 NW 167th Street in Miami Gardens, Florida.

KEI Properties, led by Kenneth Israel, paid $9.1 million to 1515 NW 167 Street LLC, an entity tied to Niznik Behavioral Health, for the Plaza Executive Centre North, a 51,000-square-foot, single-story asset. The deal represents a sale-leaseback with additional office tenants. The acquisition also represents a value-add with future redevelopment opportunities.

Huzenman represented both the buyer and seller in the transaction. The deal closed September 24.

“This was a unique opportunity for the buyer, who has other assets in the area, to acquire a single-story office park with a great parking ratio, which is a rare asset,” commented Huzenman.

KEI Properties focuses on office and warehouse real estate in Fort Lauderdale, North Miami, Aventura, Coral Springs, Pompano, Hollywood and Hallandale Beach, according to its website, and owns other assets within close proximity of Plaza Executive Centre North including a 66,439-square-foot warehouse/office-flex/showroom property at 900-1000 Park Centre Blvd,

Built in 1972, the property is within the Golden Glades area with close proximity to the Golden Glades Interchange and 15 minutes from Aventura, Sunny Isles, Miami Beach, Golden Beach, Hollywood and Hallandale. It features gated parking with a 5/1000 parking ratio.

 

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Aventura Office Park Could Be Rezoned For Mixed-Use Project

Part of the Aventura Corporate Center could be redeveloped into a mixed-use project that includes apartments.

The City Commission and its Local Planning Agency on Sept. 23 will consider a zoning change for the 10.5-acre site at 20801, 20803, 20805 and 20807 Biscayne Blvd. The 8.6-acre office park there is owned by Aventura Opportunity Owner LLC while the AC Hotel on the remaining land is owned by Norwich Aventura II LLC. The development would take place on the office parcel.

Aventura Opportunity Owner, in care of Atlanta-based Stonecutter Capital Management, acquired the office park for $140 million in August. It currently has 251,773 square feet of leasable office space in three buildings.

The application seeks to change the zoning from “business and office” to “town center.” Miami-based Zyscovich Architects was hired to create the site plan.

According to a site plan letter sent to Aventura officials by Aventura Opportunity owner on Sept. 16, the plan is to demolish the easternmost office building and keep the two other office buildings. The office would be replaced with 208 multifamily units, plus five townhouses on the ground floor and 24 live-work units on the southwest corner of the property. In addition, the developer would redevelop the parking garages along Biscayne Boulevard to add offices, retail and live-work units. This would create 370,143 square feet of offices and 42,254 square feet of retail.

 

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Global Consulting Frim To Expand In Miami’s Wynwood, Hire Hundreds

Slalom, a $2.4 billion global consulting firm, will expand its Miami presence with a new office in Wynwood.

Seattle-based Slalom signed an 8,000-square-foot lease in the 545wyn office tower, recently built by Sterling Bay. After entering South Florida with temporary space in 2019, Slalom has grown to 50 employees here. It aims to hire several hundred more employees.

“Unlike typical consulting firms, Slalom consultants live in and are committed to the cities in which we work,” said Beau Williamson, general manager at Slalom. “We’re proud of our commitment not only to this premier office space in Wynwood, but also to the people of Miami as we hire locally to build out our business and create a positive impact on this community.”

 

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Former Miami Beach Hotel To Be Renovated Into Offices After $47M Sale

The historic Bancroft Hotel building in Miami Beach was acquired for $47 million and part of it will be converted into Class A office space.

Bancroft Oceans Five Holdings, an affiliate of Miami-based Crescent Heights, sold the commercial condos at 1501 Collins Ave. to a joint venture between Boca Raton-based Pebb Capital and Miami-based Maxwelle Real Estate GroupRussell Galbut of Crescent Heights remains a partner in the project.

Built in 1939, the five-story building totals 100,000 square feet of indoor and outdoor space. That includes 50,000 square feet of offices, 20,000 square feet for four restaurants, 30,000 square feet of terrace space and 210 below-ground parking spaces.

 

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South Beach Office Building By Lincoln Road Trades For Nearly $50M

JLL Capital Markets closed the $49.5 million sale and financing of 1688 Meridian, a boutique Class A office building along with two parking lots in Miami Beach.

JLL represented the seller, Ivy Realty, in the sale of the property to 1688 Property Owner, LLC, a newly formed Delaware-based foreign limited liability company led by Ophira Cukierman, founder and principal at Greenacres Management. Additionally, JLL worked on behalf of the buyer to secure a loan with Värde Partners for the acquisition.

Renovated in 2019, 1688 Meridian is a 10-story, 88,419-square-foot office tower with ground floor retail space fronting Meridian Ave. and 17th St. In addition to the office tower, the sale included two land parcels at 1699 and 1709 Jefferson Ave., which are currently used as parking lots. The property is 81.4% leased, offering significant leasing and development upside.

1688 Meridian is positioned on a high-profile corner location at the intersection of 17th St and Meridian Ave. just steps away from Lincoln Road, Miami Beach’s most iconic open-air pedestrian promenade. The property is surrounded by numerous amenities, including the Lincoln Eatery, Miami Beach Convention Center, Sunset Harbour, New World Symphony, The Filmore and countless restaurants, major retailers and luxury hotels.

Miami continues to attract new capital, companies and residents due to the low tax-rate environment, pro-business culture, fast growing economy, development of a tech hub and superb quality of life. According to JLL’s Second Quarter Office Outlook, Miami has achieved new all-time highs for rents within the Miami CBD posting 5.6% year-over-year growth.

The JLL Capital Markets team representing the seller was led by Managing Director Ike Ojala, Senior Managing Director Hermen Rodriguez, Director Matthew McCormack with support from Associate Max La Cava.

JLL Managing Director Melissa Rose led the Capital Markets team representing the borrower with support from Analyst Max Lescano and Associate Jimmy Calvo.

“1688 Meridian is a fully renovated building in the heart of world-renowned South Beach and is experiencing record tenant demand, which generated very strong interest from the investment community,” Ojala said.

 

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Wynwood Building Sold To New York Company For $689 PSF

A two-story building in Miami’s Wynwood Arts District sold for $13 million.

The 18,870-square-foot commercial/office building at 2534 N. Miami Ave. and 26 N.W. 26th St. was sold by 2534 Morse LLC, managed by Jonathan A. Bernstein in Palm Beach Gardens.

The buyer was 2534 N Miami Associates LLC, managed by Eddie Hidary as chief investment officer of New York-based Hidrock Properties. Metropolitan Commercial Bank awarded a $8.06 million mortgage to the buyer.

The price equated to $689 per square foot. It last sold for $10.8 million in 2015.

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Brickell-Area Office Building Slated For Bankruptcy Auction

A three-story office building near Miami’s Brickell Financial District has been scheduled for bankruptcy auction.

The 8,556-square-foot building, at 232 S.W. Eighth St., is owned by Miami-based CMG Capital LLC, which filed for Chapter 11 reorganization in U.S. Bankruptcy Court in February. That stayed a $2.65 million foreclosure judgment won by Elizon DB Transfer Agent LLC regarding a $1.85 million mortgage, plus interest and fees.

On Aug. 23, U.S. Bankruptcy Judge A. Jay Cristol approved CMG Capital’s motion to auction the office building. The auction will take place Sept. 28, with a hearing before the judge to approve the results the following day. Bids are due Sept. 24 and require a $360,000 deposit.

The approved stalking-horse bidder, with a $3.5 million bid, is Icon Medical Centers LLC, managed by Vincent M. Amodio and currently a tenant in the office building. Any competing bidders must offer at least $3.6 million.

The area is zoned for up to 24 stories.

 

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Aventura Office Buildings Sell For $140 Million

Renaissance Properties sold the Aventura Corporate Center for $140 million to a New York-based investment group that plans to build an addition.

New York-based Renaissance sold the three Class A office buildings and garages at 20801, 20803 and 20807 Biscayne Boulevard to Aventura Opportunity Owner LLC. The buyer, a Delaware entity, lists a New York address.

The buildings total 252,244 square feet.

Maria Gomez of Florida Realty of Miami represented the seller, and Liza Hernandez of PMG Residential brought the buyer.

The 8.7-acre property includes land that the buyer plans to develop into a project with office, restaurants and other uses, according to a release. Zyscovich Architects is designing the addition.

In 2016, Renaissance Aventura LLC, which is affiliated with  investors Kenneth and Robert Fishel, executed a 1031 exchange out of a Manhattan asset to acquire the office complex, which includes two five-story buildings and one six-story building, for $105.3 million. It was developed between 1986 and 2007.

Tenants include Morgan Stanley, South Broward Hospital, Regus, Coldwell Banker, Keller Williams and the Miami Realtors Association. It is fully leased.

 

Source:  The Real Deal

 

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Miami Beach Asks Office Developers To Bid On Sites Near Lincoln Road

Miami Beach has officially launched a request for proposals process to find office developers for several city-owned properties north of the famous Lincoln Road retail strip.

This presents opportunities for one or more developers to build Class A office buildings at a time when an increasing number of wealthy individuals — and their companies, in some cases — are relocating from high-tax states to the city, where office rents are nearing record levels.

There’s the potential to build about 400,000 square feet of office space, plus ground-floor retail, on these properties, said Ken Krasnow, vice chairman of institutional investor services at Colliers International South Florida, which is helping Miami Beach market the RFP.

The properties the city is fielding interest in total 1.38 acres at 1664 Meridian Ave., 1.12 acres between Lenox Avenue and Michigan Avenue, 0.85 acres at the southwest corner of 17th Street and Lenox Avenue, and the parking garage on 2.9 acres at 640 17th St. The parking garage is across from the Miami Beach Convention Center.

The bids will be ranked by a city evaluation committee and then the city commission would vote on the winning bids from one or multiple developers. However, the 99-year lease or leases would require approval from voters in a public referendum because of Miami Beach’s rules on selling city property. The parking lots would need 50% voter approval while a parking garage would need 60% of voters to agree, Krasnow said.

Bids are due by Nov. 15. Interested parties can obtain more information about the proposal here.

 

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