Ken Griffin pays nearly $100M for Palm Beach estate, new renders of 830 Brickell office tower: Daily digest

A daily round up of South Florida real estate news, deals and more for September 9, 2019

TRD MIAMI /
Sep.September 09, 2019 04:30 PM

Every day, The Real Deal rounds up South Florida’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page throughout the day. Please send any tips or deals to [email protected]

This page was last updated at 4:30 p.m.

 
Collage of Ken Griffin’s properties and Ken Griffin

Collage of Ken Griffin’s properties and Ken Griffin

Ken Griffin picks up a new mega-mansion. Just when it looked like billionaire hedge funder was taking a breather from assembling pricey property in Palm Beach, he has paid $99.1 million for an oceanfront estate. The seller was fellow billionaire real estate investor Frank McCourt, who unloaded the 18,452-square-foot mansion at 60 Blossom Way. [TRD]

 
830 Brickell Rendering

830 Brickell Rendering

OKO Group and Cain International released new renderings of their 830 Brickell office tower. The project is the first new office building to be built in Miami in nearly a decade. It will rise to 57 stories and 724 feet tall, making it one of the tallest buildings in Miami. WeWork is slated to be an anchor tenant. [TRD]

 

Ben Ashkenazy put his Golden Beach lot on the market. The billionaire real estate developer is listing an oceanfront lot in Golden Beach for $11 million. The 35,000-square-foot property at 401 Ocean Boulevard hit the market with Oren Alexander and Isaac Lustgarten of Douglas Elliman’s Alexander Team. [TRD]

 

CrowdStreet CEO Tore Steen and vice president Darren Powderly (Credit: CrowdStreet and iStock)

Crowdfunding platform CrowdStreet launched a $20 million Opportunity Zone fund. CrowdStreet’s fund will target new developments and redevelopments in small and mid-market designated Opportunity Zones, the Oregon-based firm said Monday. [TRD]

 

Fort Lauderdale office building sells to NAI/Merin fund. Netz USA LLC sold a Fort Lauderdale office building to MHCommercial Real Estate Fund. Netz USA, a subsidiary of the publicly traded Israeli company Netzgroup Ltd., sold the building for $11.75 million, or $196 per square foot. [TRD]

 

Gary Barnett says luxury condos aren’t “flying off the shelves” anymore. Barnett acknowledged in a recent interview with Bloomberg Television that there is “much more competition” in the luxury condo market now than there was just a few years ago. His company Extell Development is currently at work on Central Park Tower, which at 1,550 feet will be the tallest condo project in the Western Hemisphere. [Bloomberg]

 

Compass CEO Robert Reffkin and Realogy CEO Ryan Schneider (Credit: Columbia and iStock)

Realogy denies seeking a sale. In an email to employees and agents on Saturday, CEO Ryan Schneider flatly denied trying to sell the company to Compass — an assertion he said was “designed to inspire sensational news coverage about Realogy that is simply not true.” [TRD]

 

NAI/Merin Hunter Codman starts $200M CRE fund. NAI/Merin Hunter Codman principals Neil Merin, Jordan Paul and Dung Lam, along with investor Joseph Sprouls, are raising a commercial real estate fund that plans to purchase up to $200 million of commercial real estate in the Southeastern U.S. [TRD]

 

The We Company’s valuation might drop even further. Last week, the WeWork parent company was reportedly mulling halving its valuation, and the latest consideration of less than $20 billion would be a steep drop from the $47 billion valuation the firm claimed after raising more money this year. Possible public investors are skeptical about the company’s governance, ability to turn a profit and business model. The company’s underwriters plan to meet this week with investors to determine what changes they might need to spur enough demand for a public offering. Some investors want the company to shelve the IPO plan altogether. [WSJ]

 

Crane falls on an apartment complex in North Miami Beach. A crane slipped off a barge in a canal and collapsed onto an apartment complex in North Miami Beach. The crane struck the building at 3725 Northeast 169th Street late Sunday night, according to the Miami Herald.
[Miami Herald]

Compiled by Keith Larsen

 

Correction: An earlier version of this story incorrectly stated that Netz USA sold a Fort Lauderdale office building at a loss. 


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