Starwood Capital Group scored a $76 million loan to build its new headquarters in Miami Beach.
The investment firm, led by Barry Sternlicht, secured the loan from Citizens Bank for its planned six-story office building at 2340 Collins Avenue, records show. The company received its notice of commencement from Miami-Dade County in September to start construction.
The building will total 144,430 square feet, including about 8,000 square feet of retail space on the ground floor. Gensler is designing the project, which will be 78 feet tall and include a 305-space parking garage, according to records.
The company moved its headquarters to 1601 Washington Avenue at Miami Beach from Greenwich, Connecticut a few years ago. Its lease expires in 2021.
The new headquarters will span three parcels. 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 2018. Avis Rent a Car sold the third lot at 2318 Collins Avenue the same month for $2.5 million.
The project is being built next to The Gates Hotel South Beach, a DoubleTree by Hilton, at 2360 Collins Avenue. It’s across the street from 1 Hotel & Homes, which Starwood and LeFrak completed in 2015.
Starwood Capital Group founded Starwood Property Trust in 2009. It is one of the largest commercial mortgage REITs in the United States, with a market capitalization of about $6 billion, according to its website.