Blackstone Expands in Miami With $230M Office Buy
- Mar 22, 2021
On the heels of Blackstone signing a 41,000-square-foot lease for its tech team at the recently constructed 2 MiamiCentral in Miami, funds managed by Blackstone Real Estate have purchased the entire asset along with the neighboring 3 MiamiCentral. Shorenstein Properties sold the pair of downtown office buildings for $230 million.
According to CommercialEdge data, Shorenstein picked up the properties in 2019, the year after they delivered. The towers represent the office component of the Miami Central mixed-use development, which spans more than six blocks in the Government Center district. Incorporating the MiamiCentral train station, the development includes retail amenities as well as more than 800 residential units across two 30-story high-rises.
The office towers are LEED and Energy Star certified and were 98 percent occupied at the time of the sale, with lease agreement terms averaging 8 years. The tenant roster includes Carlton Fields, Ernst & Young, New Fortress Energy and ViacomCBS.
2 & 3 MiamiCentral
The 202,438-square-foot 2 MiamiCentral rises 17 stories at 700 NW First Ave. and includes a fitness center, nearly 7,500 square feet of retail and a five-level parking structure. Blackstone’s Technology & Innovations group’s commitment at the location in early 2021 brought the building’s occupancy to 98 percent. Last week, the private equity giant expanded its Midtown Manhattan headquarters, taking on an additional 80,000 square feet at Rudin Management Co.’s 44-story tower at 345 Park Ave.
The 131,000-square-foot, 12-story 3 MiamiCentral building is located at 161 NW Sixth St. and has 35,000-square-foot floorplates. The property encompasses ground-floor retail space—currently housing a Publix supermarket—as well as seven levels of parking.
Recently, Shorenstein completed a mixed-use megaproject dubbed The Main Las Olas, stretching across an entire block in downtown Fort Lauderdale, Fla. The 25-story development incorporates a 385,000-square-foot Class A office high-rise, a 341-unit residential tower and a Publix GreenWise Market, along with additional retail space.