The Real Deal Miami

Jarden co-founder buys unit at Related’s One Ocean: $6.4M

SoFi project has 49 units in two eight-story buildings

May 06, 2016 04:30PM
By Katherine Kallergis

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One Ocean in Miami Beach

Rendering of One Ocean in Miami Beach

The co-founder of the multibillion-dollar consumer products company Jarden has purchased a unit at One Ocean, a newly completed condominium in the South-of-Fifth neighborhood of Miami Beach. 

Martin E. Franklin, executive chairman and co-founder of Jarden, paid $6.4 million for unit 708 at the Related Group’s newest project, located at 1 Collins Avenue. Franklin’s company, which raked in $8.3 billion in 2014, was acquired by Newell Rubbermaid this year for $15 billion and renamed Newell Brands – the conglomerate owns such brands as First Alert, Sunbeam, Yankee Candle, Ball Corporation and Breville.

One Ocean opened at the end of March with 50 condo units in two eight-story buildings. Prominent Mexican architect Enrique Norten designed One Ocean, with Enzo Enea handling landscape work and Yabu Pushelberg designing interiors. Related funded construction with $46 million in refinancing from Regions Bank in 2014.

As of mid-April, at least a dozen units had closed for a combined $44.3 million, or an average of $3.7 million per unit and $1,335 per square foot. The company, led by Jorge Pérez, could not be reached for comment.

Nearby in the South-of-Fifth neighborhood is Marea South Beach, which was completed last fall.

Franklin, who was born in London, also has homes in Harrison, New York and Aspen, Colorado.

Correction: An earlier version of this story incorrectly stated that One Ocean has 149 units. It has 50 units.