Starwood Capital wants to build a new HQ in Miami Beach

Investment firm plans to move out of 1601 Washington Avenue in January 2021

TRD MIAMI /
May.May 10, 2018 02:45 PM

Barry Sternlicht and Miami Beach (Credit: Max Pixel)

Barry Sternlicht’s Starwood Capital Group plans to develop a new headquarters in Miami Beach to move into by 2021, according to a memo sent out to employees reviewed by The Real Deal.

In the memo, Starwood-owned LNR Partners said it is “in the process of finalizing plans with Barry [Sternlicht] and our partners at Starwood Capital to build a new world-class headquarters office here in Miami Beach for our combined staff, which we expect to have available as our current lease expires at 1601 [Washington Avenue.]” The memo noted the company’s growth in Miami.

No address for the new headquarters was given. A spokesperson for Sternlicht, chairman and CEO of Starwood, did not respond to requests for comment on the plans.

Founded in 1991 by Sternlicht in Greenwich, Connecticut, Starwood currently has 3,800 employees in 10 offices worldwide, according to its website. The company recently updated the website to list Miami as its headquarters.

Property records show West Collins Land Investors LP, an entity linked to Starwood’s Greenwich, Connecticut office address, owns a 28,500-square-foot parking lot at 2340 Collins Avenue that it purchased for $5 million in 2012. It’s across the street from 1 Hotel & Homes, which Starwood and the LeFrak Organization completed in 2015.

Starwood subsidiary Starwood Property Trust acquired LNR, the largest commercial special servicer in the U.S., in 2013 in a $1.05 billion deal. More than a year ago, Starwood Capital moved its corporate headquarters to 1601 Washington Avenue, where LNR had long maintained offices.

LNR holds the master lease for the entire building, where it occupies about 80,000 square feet, or nearly three-quarters of the 110,000-square-foot building, and subleases out the rest of the space. That master lease expires in January 2021. In December 2016, the Nightingale Group paid $80 million for the building. Nightingale didn’t respond to a request for comment.

While Sternlicht appears as the managing member of more than a dozen entities in Florida corporate records — including ones with such names as Starwood Headquarters LLC, Starwood Land, Inc. and Starwood Development Corp. — none of them appear to own any real estate in Miami-Dade County, according to property records.

Sternlicht has taken a liking to Miami Beach. He owns a massive waterfront property on North Bay Road, where he paid $17 million for the site and tapped Kobi Karp to build out the home.


Related Articles

arrow_forward_ios
1510 West 25th Street, Valerio Morabito (inset) and Gianluca Vacchi (Getty, Douglas Elliman)

Italian entrepreneur and DJ pays $25M for Sunset Islands mansion

Italian entrepreneur and DJ pays $25M for Sunset Islands mansion
WeWork Lenox Avenue, WeWork Lincoln Road and CEO Sandeep Mathrani (Lenox location by Katherine Kallergis, WeWork, iStock)

WeMove: WeWork leaves Lincoln Road, consolidates Miami Beach operations to Lenox Ave

WeMove: WeWork leaves Lincoln Road, consolidates Miami Beach operations to Lenox Ave
Clifford Asness and 321 Ocean (Getty, Douglas Elliman)

Billionaire hedge funder sells South Beach PH at a loss

Billionaire hedge funder sells South Beach PH at a loss
(iStock)

South Florida by the numbers: From the Big Apple to the Magic City

South Florida by the numbers: From the Big Apple to the Magic City
David Martin and a rendering of the project

David Martin’s Miami Beach Marina proposal heads to voters in November

David Martin’s Miami Beach Marina proposal heads to voters in November
6380 north bay road with Richard and Barbara Lane (Urdapilletta Real Estate, A Scott/Patrick McMullan/Getty)

Real estate honcho buys waterfront North Bay Road home for $9M

Real estate honcho buys waterfront North Bay Road home for $9M
Shelborne South Beach

Shelborne South Beach unit owners lose appeal contesting $30M in assessments

Shelborne South Beach unit owners lose appeal contesting $30M in assessments
22 Star Island and Stuart Miller

Lennar chairman Stuart Miller sells waterfront Star Island mansion for $50M

Lennar chairman Stuart Miller sells waterfront Star Island mansion for $50M
arrow_forward_ios

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

Loading...