San Francisco firm makes first South Florida office bet with $49M Wynwood Annex deal

Related Group and East End Capital completed the office building in 2019

Glenn Gilmore, founder, Brick & Timber, in front of the Wynwood Annex office building in Miami (DWNTWN Realty Advisors, Brick & Timber)
Glenn Gilmore, founder, Brick & Timber, in front of the Wynwood Annex office building in Miami (DWNTWN Realty Advisors, Brick & Timber)

Making its first real estate bet in South Florida, Brick & Timber Collective bought the Wynwood Annex office building in Miami for $49 million.

The San Francisco-based commercial real estate firm closed on the 65,000-square-foot building at 215 Northwest 24th Street in an off-market deal, according to a press release.

Sellers Related Group and New York-based East End Capital completed the eight-story, Class A Wynwood Annex three years ago. In 2017, Related teamed up with East End as a 50-50 partner in the project and the adjoining Wynwood 25 mixed-use apartment building.

Tony Arellano and Devlin Marinoff with DWNTWN Realty Advisors represented both sides of the deal.

Arellano and David Lerner, also with DWNTWN, handled marketing and lease-up efforts for Wynwood Annex, leasing more than 60,000 square feet of rentable office space within six months, the release states. The building is 100 percent occupied with several new-to-market tenants such as venture capital firms Founders Fund and Atomic and Field Trip Health, a psychedelic therapy company.

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The successful lease-up attracted unsolicited offers from potential buyers from all over the country that led to the deal with Brick & Timber, the release states.

Out-of-state tech firms are leading a migration of new tenants to Wynwood, where a slate of mixed-use office projects have opened or are scheduled for completion later this year.

Blockchain.com, one of the largest cryptocurrency exchanges, recently signed a lease to take the top two floors at Cube Wynwd at 222 Northwest 24th Street. The 22,000-square-foot space will serve as the company’s Miami headquarters. Last year, a joint venture between Tricera Capital and Alex Karakhanian’s Lndmrk Development paid $28 million for the new Class A Miami office building. Redsky Capital developed Cube Wynwd.

Biotech company Veru signed an eight-year lease for its 12,155-square-foot global headquarters at The Gateway at Wynwood, a recently completed mixed-use project at 2916 North Miami Avenue. New York-based R&B Realty developed and owns the 12-story building.