Blackstone Unit Secures $154M for Miami Office Towers
The buildings are part of a 3 million-square-foot campus.
Blackstone’s Perform Properties has obtained a $154 million loan to refinance 2 and 3 MiamiCentral, two Class A office towers totaling about 339,000 square feet in downtown Miami. CIM Real Estate Debt Solutions provided the financing on behalf of a CIM-managed fund, in a deal arranged by Eastdil Secured.
Image courtesy of Yardi Matrix
In 2021, funds managed by Blackstone Real Estate acquired the assets from Shorenstein Properties for $230 million. The same year, the buildings became subject to a $159.1 million CMBS loan originated by Natixis, according to Yardi Matrix information.
The 17-story 2 MiamiCentral has about 196,000 rentable square feet of office space and 5,000 square feet of amenities. The 12-story 3 MiamiCentral includes about 105,000 rentable square feet of office space, 33,000 square feet of retail and 1,357 parking spaces. The two buildings came online in 2018.
Shared amenities include wellness and fitness facilities, an outdoor roof deck, private work lounges and conferencing space, along with concierge services, valet parking and secure garage access.
READ ALSO: Miami’s Office Market Sent Mixed Signals in 2025
Sited at 700 NW MiamiCentral Ave. and 161 NW Sixth St., respectively, 2 and 3 MiamiCentral are part of the MiamiCentral mixed-use development. The 3 million-square-foot property also includes a Publix supermarket, Starbucks, Chick-fil-A, an approximately 18,000-square-foot food hall and more than 800 luxury residential units.
The campus is adjacent to MiamiCentral Station, a major regional transit hub with access to Brightline, Tri-Rail, Metrorail, Metromover and Metrobus services. The location is also near interstates 95 and 395, with proximity to the Brickell Financial District, Miami Beach, Midtown, Wynwood and the Design District.
Not so much fun downtown
An overall availability of 20.8 percent puts the downtown Miami office market in an unfortunate position with respect to other Miami submarkets; only Wynwood–Design District has a higher availability, according to a first-quarter report from Savills. By comparison, the figure for metro Miami overall is 15.3 percent.
Further, Savills expects that office tenant demand will “increasingly favor lower-cost suburban submarkets such as Coral Gables and Airport West.”
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