Downtown Miami office tower listed for $38M
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.