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.