Design District Office-Retail Asset Trades For $1,526 PSF

The Design 41 office and retail property in Miami’s Design District has sold for $72.5 million.

The 84,748-square-foot, seven-story asset at 112 NE 41st St. was acquired by Miami DD Propco LLC, a partnership involving Todd Rosenberg of Pebb Equities, Joe Sutton of Wharton Properties, and Ethan Leavitt of Lane Capital Partners. The seller was Design District Development Partners LLC, managed by Sarasota-based Benjamin R. Norton.

The transaction closed at approximately $1,526 per rentable square foot and was brokered by Devlin Marinoff and Tony Arellano of Dwntwn Realty Advisors.

Dwntwn Realty Advisors was initially engaged during the height of the Covid-19 pandemic, when the property was about 90 percent vacant. Since then, the building has been fully leased, representing a significant turnaround. Brokers involved in the transaction noted that the ownership group faced challenges tied to pandemic-era debt obligations, compounded by the passing of the original loan sponsor, ultimately prompting the decision to sell.

Recent leasing momentum included a November agreement with global architecture firm Foster + Partners. The building’s retail lineup features luxury and design-focused tenants such as Breitling, Missoni, and the Bosch Gaggenau showroom.

Legal representation for the seller was provided by attorney Matthew Kramer of Weinberg Wheeler Hudgins Gunn & Dial.