RFR Realty has purchased 100 Biscayne Blvd. from a partnership led by East End Capital, the company announced. The 310,596-square-foot office building is in downtown Miami directly across from Bayfront Park. RFR declined to disclose the sale price.
The 30-story office building was constructed in 1963 and offers 11,175-square-foot floor plates, according to the seller. East End Capital had purchased the property from an affiliate of the Witkoff Group for $84 million in 2016. RFR intends to bring its office investment and repositioning expertise to work at 100 Biscayne, the firm noted in a release.
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East End completed a thorough renovation of the building in 2017. The improvements included a modern façade and streetscape, new lobby and garage access, modernized valet/garage controls, sleek new corridors and bathrooms, an extensive pre-built program of high-end suites ranging from 1,000 to 5,500 square feet, and the installation of best-in-class fiber, colocation and telecom infrastructure. 100 Biscayne Blvd. has an adjacent 450-space, multi-level garage and 6,509 square feet of ground-floor retail space.
100 Biscayne fronts Bayfront Park, with unobstructed views of Biscayne Bay, the Port of Miami, and downtown Miami. The building is in the heart of the CBD, close to the Design District, Wynwood Arts District and Miami Beach.
RFR has been active in Miami for more than 15 years, first as developer and owner of the W South Beach Hotel and later with retail acquisitions on Lincoln Road and in the Design District.
A Steady Market
Miami’s commercial real estate market has experienced a steep recovery since the onset of the pandemic in early 2020. Developers have 16 projects under construction in the city that will add 5.7 million square feet of office space and have planned 12 buildings that will add 2.3 million square feet. There are 28 more properties in the works that could boost the city’s office inventory by 12.2 million square feet.
The city’s office market has remained strong, with office vacancy decreasing and average asking rents rising during the past year. Miami office vacancy fell from 14.9 percent in December 2020 to 12.5 percent one year later, according to CommercialEdge. Rents rose from $42.55 per square foot to $44.49 square foot during the same period.