Downtown Miami office tower listed for $38M

Miami /
Jul.July 17, 2015 11:15 AM

The newly renovated building at 200 Southeast First Street in downtown Miami has been listed for $38 million, The Real Deal has learned.

Integra Investments is looking to sell the 12-story tower at 200 Southeast First Avenue after purchasing it out of foreclosure for $21 million in April of last year.

“Our focus on the building was a value-add play for us,” Integra principal Victor Ballestas told TRD. “Over the last year, we’ve been spending a good amount of time and money on the building. We’re about 95 percent complete now.”

Institutional Property Advisors, a division of Marcus & Millichap, has the exclusive listing for the Class A office building, which was constructed in 1958. Senior director Douglas K. Mandel and director Benjamin H. Silver are representing the seller.

“With its high-class finishes, unmatched location and amenities, plus an immense level of value-add upside potential through lease-up and rent escalation, the 200 Southeast First Building is poised to take advantage of the explosive growth happening in downtown Miami,” Silver said in a statement. “The property’s rental rates are approximately half of those of similar-class buildings on Brickell Avenue.”

The multimillion-dollar renovation included a new exterior façade and signage, lobby upgrades, elevator and corridor finishes, new digital security cameras and access control with card-swipe entry, a new fire and life safety panel and a new HVAC chiller.

Tenants of the 141,682-square-foot tower include Incubate, Digiport, Level 3 Communications, Cogent Communications and Brand Institute, Inc.


Related Articles

arrow_forward_ios
Michael Betancourt, Tyler Kuhlman & Dustin Ozga

Movers & Shakers: Colliers hires new brokerage director & more

Movers & Shakers: Colliers hires new brokerage director & more
Placeholder image

Miami board approves plans for Related, Crescent Heights towers and rejects Melo’s proposal

Miami board approves plans for Related, Crescent Heights towers and rejects Melo’s proposal
Jon Paul Perez and Russell Galbut with renderings of the projects

Related, Crescent Heights and Melo Group seek approval for Miami projects

Related, Crescent Heights and Melo Group seek approval for Miami projects
Blackstone's Jonathan Gray and Stephen Schwarzman (Getty, iStock)

Blackstone to open office in South Florida

Blackstone to open office in South Florida
Jared Galbut, Bodega Taqueria

Menin plans major expansion of Bodega Taqueria

Menin plans major expansion of Bodega Taqueria
249 Northwest 6th Street and Michael Swerdlow (Google Maps, Swerdlow Group)

Developers buy land, score $25M loan for Target-anchored mixed-use project in Overtown

Developers buy land, score $25M loan for Target-anchored mixed-use project in Overtown
1100 Biscayne Boulevard, Miami

Marquis vs. ‘The King of Miami Real Estate’: Condo tower seeks to evict agent for not wearing face mask

Marquis vs. ‘The King of Miami Real Estate’: Condo tower seeks to evict agent for not wearing face mask
(iStock)

A buyer’s market: Condo supply soars in downtown Miami

A buyer’s market: Condo supply soars in downtown Miami
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...