Shorenstein Properties Sells Miami Office Complex for $230M
MIAMI — Shorenstein Properties, a privately owned investment firm with offices in New York City and San Francisco, has sold 2 & 3 MiamiCentral, a 320,000-square-foot office complex in the city’s downtown area. A fund backed by Blackstone purchased the property for $230 million.
Constructed in 2018, the two-building complex is located within MiamiCentral, a transit-oriented, mixed-use development that spans nine acres and roughly 3 million square feet of residential and commercial space.
The site’s history as a transit hub dates back to 1896, when it served as the southern terminus for Henry Flagler’s Florida East Coast Railway that ran throughout the Florida Keys. According to the Miami Herald, Florida East Coast was the original developer of the MiamiCentral project in 2007.
The first office building rises 17 stories and includes a 288-space valet parking garage. The second building comprises four floors of office, eight levels of parking and a 33,000-square-foot Publix grocery store on the ground floor.
Amenities include a conference room, caterer’s kitchen, fitness center with locker rooms and an outdoor amenity deck. In addition, the adjacent MiamiCentral train station houses an 18,000-square-foot food hall with more than 20 different food and beverage vendors.
Blackstone is also a tenant at the property after signing a 41,000-square-foot lease at 2 MiamiCentral earlier this year. The New York-based global asset manager said at the time that it was looking to grow its presence in South Florida and planned to hire about 200 new employees in Miami in the coming years.
“Miami is a vibrant city with a pipeline of top technology talent available from best-in-class university programs, as well as an experienced workforce that will enable us to diversify our talent pool and grow our technology team,” John Stecher, Blackstone’s chief technology officer, said at the time.
Other office tenants include Carlton Fields, Ernst & Young and New Fortress Energy. The complex was approximately 98 percent leased as of January, with an average remaining lease term of eight years across the roster.
“This deal is a great example of executing on our thesis of investing in high-quality properties in growing markets and adding significant value through leasing and capital improvements,” says Claude Esposito, vice president of the investments group at Shorenstein Properties.
Shorenstein’s presence in South Florida also includes The Main Las Olas in downtown Fort Lauderdale. This newly built mixed-use development features 385,000 square feet of Class A office space and the first Publix Greenwise concept in the city.
— Taylor Williams