Aby Rosen’s RFR buys 100 Biscayne office tower in downtown Miami for about $90M: sources

Other big office deals are in the works in Miami, sources say

Miami /
Jan.January 12, 2022 06:17 PM

RFR Holding’s Aby Rosen (Getty), East End Capital’s Jonathon Yormak (East End Capital) and 100 Biscayne Boulevard (iStock)

Aby Rosen’s New York City-based firm RFR Holding paid about $90 million for an office building in downtown Miami that had been tied up in litigation, sources told The Real Deal, as out-of-state investors continue to bet on the region’s growing office market.

A partnership led by East End Capital sold the 30-story, 310,000-square-foot 100 Biscayne building at 100 Biscayne Boulevard. RFR announced the sale without a price. Sources said the company paid about $90 million for the property.

In South Florida, RFR also owns the W South Beach and retail space on Miami Beach’s Lincoln Road.

RFR plans to renovate the office building into “quality boutique office space,” Rosen, co-founder and principal, said in a release.

A Cushman & Wakefield team led by Adam Spies, Adam Doneger and Dominic Montazemi brokered the deal.

The office building was mired in litigation between East End and its partner, an Australian investor, which sought to cut East End out of the joint venture by alleging mismanagement. The Australian investor sought $50 million in damages, which broke down to $20 million for its initial investment and $30 million in allegedly lost profits. A judge dismissed one lawsuit this month, court records show.

The suits alleged the tower was in so much financial distress that the lender was on the verge of foreclosure last summer until a last-minute forbearance agreement was finalized that mandated the sale of the building. An attempt to sell the office tower to BentallGreenOak in 2020 failed, and resulted in additional litigation.

The East End partnership paid $84 million for the property in 2016, records show. Two years later, the developer completed a $10 million renovation that included a new facade, amenities and lobby.

Major financial firms, tech startups and institutional players have invested in the Greater Downtown Miami office market in the last 12 months, and more deals may be in the works.

Brickman is reportedly in contract to sell its properties at 200 Southeast First Street and the Courthouse Tower at 44 West Flagler Street for close to $60 million, according to a source. The Miami Tower is about to hit the market for about $200 million, the source said. Both deals are being handled by the same Cushman & Wakefield team.

Last year, a joint venture between Monarch Alternative Capital and Tourmaline Capital Partners paid $279 million for a 90 percent stake in Citigroup Center, a 34-story office building and adjacent nine-story parking garage at 201 South Biscayne Boulevard in downtown Miami. The Spies-led Cushman & Wakefield team also brokered that deal.

A separate joint venture picked up One Biscayne Tower in downtown Miami for $225 million last summer.

Those acquisitions were preceded by Blackstone Group’s $230 million purchase of the office buildings at Brightline’s MiamiCentral station, also in downtown Miami, earlier last year.





    Related Articles

    arrow_forward_ios
    Midtown Capital Partners nabs West Palm business park for $37M
    Midtown Capital Partners nabs West Palm business park for $37M
    Midtown Capital Partners nabs West Palm business park for $37M
    Ofizzina office tower in Coral Gables (TSG)
    Lease roundup: Consulate General of Barbados, NY investment firm moving to Ofizzina in Coral Gables
    Lease roundup: Consulate General of Barbados, NY investment firm moving to Ofizzina in Coral Gables
    The Surfside collapse condo site at 8777 Collins Avenue (Getty)
    Surfside bidder gets extension for due diligence, pushing auction to April
    Surfside bidder gets extension for due diligence, pushing auction to April
    From left: Pedro Villar, owner of Aloft Miami Brickell, along with his attorney Joe Pack (Newstar Media)
    Aloft Miami-Brickell exits bankruptcy, staves off foreclosure
    Aloft Miami-Brickell exits bankruptcy, staves off foreclosure
    One Bal Harbour at 10295 Collins Avenue in Bal Harbour, FL (Seaside Properties Group, iStock/Illustration by Steven Dilakian for The Real Deal)
    One Bal Harbour associations settle suit over shared utility, valet expenses
    One Bal Harbour associations settle suit over shared utility, valet expenses
    Eastdil Secured’s D. Michael Van Konynenburg and Roy March with The Brickell Bay tower at 1001 Brickell Bay Drive (Eastdil, 1001 Brickell Bay)
    Eastdil Secured to open first Florida office in Miami’s Brickell
    Eastdil Secured to open first Florida office in Miami’s Brickell
    Randy Smith (Alden Capital) and Anthony Hsieh (LoanDepot) (Zillow, ONE THOUSAND MUSEUM, Wikipedia, LoanDepot)
    LoanDepot founder drops $50M on Star Island mansion, One Thousand Museum condo
    LoanDepot founder drops $50M on Star Island mansion, One Thousand Museum condo
    Z Ocean Hotel in Miami Beach
    Appeals court upholds $8M judgment against former Z Ocean condo-hotel partners
    Appeals court upholds $8M judgment against former Z Ocean condo-hotel partners
    arrow_forward_ios

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

    Loading...