Shorenstein Properties has sold 2 & 3 MiamiCentral located in Downtown Miami to funds managed by Blackstone Real Estate for $230 million.
2 & 3 MiamiCentral are two Class AA office buildings that make up the office portion of Miami Central, a mixed-use project spanning over six city blocks.
“We are pleased to have completed the sale of 2 & 3 MiamiCentral,” said Claude Esposito, Vice President, Investments Group at Shorenstein.
“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. We are proud to have positioned the property for future success and know that the tenants of 2 & 3 MiamiCentral are in good hands with Blackstone Real Estate,” he added.
The 330,000 square-foot office buildings are directly adjacent to the MiamiCentral train station.
2 MiamiCentral is located at 700 NW 1st Avenue and consists of a 17-story Class AA office building and a 288-stall valet parking garage. 3 MiamiCentral is located at 161 NW 6th Street and consists of a 4-story office building atop an 8-story, 1,068-stall parking garage with 33,000 square feet of street-level retail.
2 & 3 MiamiCentral has been recognized by industry-leading organizations for the building’s environmental stewardship, with certifications from The U.S. Green Building Council’s LEED and ENERGY STAR.
In addition to Blackstone’s Technology & Innovations group, which occupies approximately 12% of the space at 2 MiamiCentral to accommodate the 200 employees it is hiring to join the technology team, the property has national, institutional tenants including Carlton Fields, Ernst & Young, New Fortress Energy and ViacomCBS.
The MiamiCentral station project also houses retail and residential space, including a Publix supermarket on the ground floor of 3 MiamiCentral. In total, the buildings are 98% occupied with remaining lease terms of more than eight years on average.
David Levine, Senior Managing Director in Blackstone Real Estate, added, “We are high conviction, thematic investors focused on investing in growing markets with strong demographic tailwinds and talent pipelines, such as Miami. 2 & 3 MiamiCentral are extremely high-quality assets in a prime location with access to mass transit, and we are pleased to acquire them on behalf of our investors.”