The Real Deal New York

Office-condo craze hits Miami

Forgoing leases, companies are testing a different ownership model for their workplaces
By Ina Cordle | November 17, 2015 11:23AM

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.

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]