Mexican firm buys former Related Group downtown Miami HQ for $24M
Related moved its headquarters to Coconut Grove this year
UPDATED, July 13, 11:50 a.m.: The Related Group sold its former downtown Miami headquarters for $24.1 million.
Jorge Pérez’s Related, known as the most prolific South Florida condo developer, sold the building at 315 South Biscayne Boulevard to BEA Equities’ subsidiary Black Diamond Equities and Mexico-based partners.
David Wigoda of CBRE represented Related in the deal. The firm’s Maggie Kurtz will lease the offices, and Marsha Griffiths, also of CBRE, will manage retail and restaurant leasing.
Apollo Bank provided a $12 million acquisition loan, according to the bank’s news release.
Black Diamond is the U.S. commercial real estate investment arm of Mexico City-based BEA Equities. Led by CEO Benjamin Assa Cojab, BEA Equities is a real estate investor, focused on office, industrial and other assets, according to its website.
The five-story, 34,341-square-foot building has two office floors above a full-floor restaurant and garage floor, according to the Apollo release. The building also has a ground-floor lobby and more parking, for a total of 136 spaces. Wolfgang’s Steakhouse restaurant closed its space in the building last year. It was built in 2006 on about 0.2 acres, records show
The deal breaks down to $701 per square foot.
In 2019, Related listed the waterfront downtown property as unpriced. The group developed its new headquarters at 2850 Tigertail Avenue in Miami’s Coconut Grove and moved in this year.
Pérez founded Related in 1979. In recent years, his son, Jon Paul Pérez, has taken on a bigger role in the firm, and became president in 2020. Over the years, Related has expanded to build affordable housing, market-rate multifamily and mixed-use projects.
The company also is expanding beyond South Florida, with about 25,000 units on tap nationally and in Latin America. This includes condo projects in Argentina, Brazil and Mexico. In the U.S., it is looking at Georgia, Tennessee, the Carolinas, Virginia, Texas and the Rocky Mountain region.
This article has been updated as the buyer was misstated based in incorrect information from CBRE.