Starwood Capital proposes office complex – likely HQ – in Miami Beach

Starwood's lease at its current HQ site expires in 2021

Miami /
Nov.November 12, 2018 01:30 PM

Rendering of Starwood Capital Group’s project and Barry Sternlicht

Starwood Capital Group is proposing a new office and retail development in Miami Beach, likely the site of its new headquarters.

Records show North Bay Owner LLC plans to go before the Miami Beach Planning Board on Nov. 27 for a 144,430-square-foot building at 2318, 2322 and 2340 Collins Avenue, across the street from 1 Hotel & Homes South Beach, which Starwood co-developed with LeFrak.

Starwood, led by chairman and CEO Barry Sternlicht, told employees earlier this year that it planned to develop a new headquarters in Miami Beach. Starwood’s LNR Partners said it was in the process of finalizing plans with Sternlicht and Starwood to build a combined headquarters set to open by 2021, when the company’s current lease expires at 1601 Washington Avenue.

Rendering of the project

Founded in 1991 by Sternlicht in Greenwich, Connecticut, Starwood currently has 3,800 employees in 10 offices worldwide, according to its website.

A company tied to Starwood transferred ownership for two of the three lots that make up the development site to North Bay Owner LLC for $19.5 million in September. Avis Rent a Car sold the third lot at 2318 Collins Avenue the same month for $2.5 million.

North Bay Owner is requesting conditional use approval for a building larger than 50,000 square foot and mechanical parking lifts. Gensler is designing the project, which would be 78 feet tall and include a 305-space parking garage. The building would have about 8,000 square feet of retail space on the ground floor, breezeways on the upper levels and a roof deck.

Rendering of the project

The developer is seeking a reduction in parking of about 64 spaces, records show.

The project would be built next to The Gates Hotel South Beach, a DoubleTree by Hilton, at 2360 Collins Avenue.

A spokesperson for Sternlicht did not immediately respond to a request for comment.

Starwood moved its headquarters to Miami Beach in recent years to the former base of LNR, the largest commercial special servicer in the U.S. Starwood subsidiary Starwood Property Trust acquired LNR in 2013 in a $1.05 billion deal.


Related Articles

arrow_forward_ios
4412 North Bay Road
North Bay Road mansion sells for $25M, nearly double its purchase price two years ago
North Bay Road mansion sells for $25M, nearly double its purchase price two years ago
Oceana Key Biscayne at 360 Ocean Drive, Key Biscayne
Miami-Dade condo sales and volume dip in second week of June
Miami-Dade condo sales and volume dip in second week of June
Developers David Martin, Russell Galbut and renderings of the project.
David Martin and Russell Galbut start sales of Five Park condo tower in South Beach
David Martin and Russell Galbut start sales of Five Park condo tower in South Beach
HFZ’s Ziel Feldman with the Shore Club (Getty, Facebook via Shore Club)
HFZ Capital off the hook for $6M in failed Shore Club South Beach deal
HFZ Capital off the hook for $6M in failed Shore Club South Beach deal
Chris Lorenzen and Richard W. Gray III with Apogee at 800 South Pointe Drive in Miami Beach (LinkedIn, DJR Enterprises, Apogee Condo South Beach)
Securities trading CEO buys Apogee condo in South Beach for $12M
Securities trading CEO buys Apogee condo in South Beach for $12M
Palazzo Del Sol (7000 Fisher Island Drive, Fisher Island) (Google Maps)
$19M Fisher Island PH leads weekly condo sales
$19M Fisher Island PH leads weekly condo sales
The Clevelander South Beach (Getty)
Clevelander wins lawsuit against Miami Beach over alcohol rollback
Clevelander wins lawsuit against Miami Beach over alcohol rollback
Steven, Lauren and Zach Witkoff with the Ritz-Carlton Residences, Miami Beach (Getty, Witkoff, Ritz Carlton)
Witkoffs buy condos at Ritz-Carlton Residences in Miami Beach
Witkoffs buy condos at Ritz-Carlton Residences in Miami Beach
arrow_forward_ios

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

Loading...