555 Washington Trades For $38 Million

Feb 13, 2018 No Comments by

CBRE has arranged the sale and financing of 555 Washington in Miami Beach.

The premier Class A office building features 45,959 square feet of office space, 21,061 square feet of retail and a 243-space parking garage.

GreenOak Real Estate acquired the property for $38 million.

The CBRE Capital Markets team facilitated the sale on behalf of the seller, KBS Realty. Additionally, the CBRE Debt & Structured Finance team arranged financing with Mesa West Capital on behalf of the buyer. Vice Chairman Christian Lee and Senior Vice President José Lobón oversaw the transactions on the sale effort, and Vice President Amy Julian on the financing. The CBRE Capital Markets team also included Financial Analysts Marcos Minaya and Andrew Chilgren.

CREC’s Steven Hurwitz collaborated in marketing of the property.

 

“The property is ideally located at the crossroads of 5th Street and Washington Avenue, only two blocks west of world-famous Ocean Drive and Miami’s white sand beaches,” said Christian Lee, vice chairman, CBRE Capital Markets. “This is truly a ‘Main & Main’ location, as Washington Avenue represents the primary north/south roadway on the east side of South Beach, and Fifth street is the primary entrance to South Beach from the mainland, via MacArthur Causeway.”

The property’s curb appeal is accentuated by its signature illuminated elliptical glass corner with horizontal metal fins–one of Miami’s most recognizable landmarks. Designed by famed Miami-based Arquitectonica, 555 Washington’s cutting-edge design is contemporary, yet emblematic of the historical Art Deco District that South Beach is famous for.

 

“The Property is currently 61% leased, representing an exceptional value-add opportunity by the lease-up of 26,272 sq. ft. (31%) of vacant space in a market where the competitive set vacancy is just 4%,” explained José Lobón, senior vice president, CBRE Capital Markets.

 

“The South Beach location and the strength of the sponsorship led to significant interest from the lending community. Mesa West was able to offer a competitive interest rate spread and loan structure, which helped them win the deal,” added Amy Julian, vice president, CBRE Debt & Structured Finance.

 

 

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Industry News, Miami-Dade County Office, NA, Office
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