The City of Miami selected CBRE as the exclusive agent for the sale of Miami Riverside Center (MRC), the City’s administrative headquarters, located at 444 SW 2nd Ave. The 3.15-acre site sits on over 650 linear feet of the Miami River with redevelopment potential of up to 1,574 units.
The City’s goal is to obtain new Class A office space for the City’s administrative offices within the City limits, which will functionally, securely and conveniently serve its citizens. The City will also entertain the leaseback on their 194,679 rentable-square-foot building for up to three years.
CBRE’s Robert Given is marketing the disposition efforts for the existing site. CBRE’s Shay Pope is marketing the opportunity to acquire a new facility in collaboration with CBRE’s public sector experts, Michael McShea and Lee Ann Korst.
“Both Mayor Regalado and the City’s Department of Real Estate recognize the tremendous value of selling this asset. The potential to expand economic development at the existing site and solve the City’s operational need for a new facility will greatly benefit The City of Miami,” said Department of Real Estate Director Daniel Rotenberg.
“The sale of this real estate asset places the property to new use, sparking commercial economic activity,” said CBRE Vice Chairman Robert Given. “The City’s disposition of this asset supports the City’s commitment toward fiduciary responsibility recognizing they don’t need to be on prime real estate located directly on the Miami River.”
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