Office-condo craze hits Miami

Forgoing leases, companies are testing a different ownership model for their workplaces

Ofizzina 1200 in Miami 
Ofizzina 1200 in Miami 

From the South Florida Market Report: When the accounting firm Gerson, Preston, Robinson & Co. decided two years ago to sell its Miami Beach headquarters of 56 years, the partners carefully compared the costs of buying space to those of renting.

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In the end, an office condo seemed to be the logical choice. “We like the idea of owning our space and building the equity ourselves,” said partner Alan Lips. After paying $2.7 million for 12,000 square feet at 4770 Biscayne Boulevard in Miami and investing $1.5 million more to renovate it, the firm is moving in this fall. [more]