East End Capital plans to spend $10 million to renovate the 30-story New World Tower office building in downtown Miami.
New World Tower, built at 100 Biscayne Boulevard in 1965, will be renamed 100 Biscayne in connection with the renovation project.
Zycovich Architects, which has leased space at the office building for 31 years, designed the renovation, which will include a new lobby, new bathrooms and space that tenants can use for communal work and conferences. The renovation work also will include removal of a granite facade on the building’s exterior to expose its original while marble columns.
The occupancy rate at New World Tower is 80 percent, and rents range up to the mid-$30s per square foot. Louis Vutton and the consulate offices of Germany and Israel are among the tenants.
David Peretz, managing principal of East End Capital, told the Miami Herald that “we’re taking a Class B space and turning it into Class A.” He also told the newspaper that tenants seeking 1,000 square feet to 5,000 square feet are the target market of the New World Tower.
East End Capital bought the office building in October for $84 million. The firm, which has offices in Miami and New York, has been a partner in several real estate projects in Miami’s Wynwood area. [Miami Herald] – Mike Seemuth