Related Cos. CEO Jeff Blau sells Miami Beach condo

Blau-led LLC paid $4.5M for the unit in 2016

 Jeff Blau and One Ocean (Getty)
Jeff Blau and One Ocean (Getty)

Related Companies CEO Jeff Blau sold his Miami Beach condo for $5 million.

Blau’s One Ocean LLC sold unit 601 at One Ocean to One Ocean 601 LLC, both Delaware entities. Blau acquired the 3,342-square-foot South Beach condo in 2016 for $4.5 million, property records show. Blau did not respond to a request for comment.

The buyer of Blau’s unit listed a Chicago address that matches @properties office in the city’s River West neighborhood.

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Dora Puig of Luxe Living Realty represented the buyer and seller in the deal, which was listed and closed on Dec. 23, according to Redfin. Puig could not immediately be reached for comment.

The Related Group, the Miami-based development firm owned by Jorge Pérez, completed One Ocean, a 46-unit condo at 1 Collins Avenue in Miami Beach’s South-of-Fifth neighborhood, in 2016. Related Companies founder and Miami Dolphins owner Stephen Ross has a minority stake in the Related Group.

Pérez put his unit 706 at One Ocean on the market for $20 million in 2016, but later slashed the price. It was asking nearly $11 million, until the listing was removed in May, according to Zillow.

In South Florida, Related Companies has projects in Palm Beach County, including the redevelopment of Rosemary Square in West Palm Beach. The firm is expected to pay $282 million for the Phillips Point office towers in West Palm.