Downtown Miami’s New World Tower has a new owner.
The 30-story office tower at 100 Biscayne Blvd. fetched $84 million in a deal that closed late Tuesday.
East End Capital, a New York-based company with ties to Miami’s Wynwood neighborhood, plans to spend an additional $10 million to upgrade the 1963-built building, including lobby and streetscape facade renovations. The new owner will also add a fitness center for tenants.
The 310,000-square-foot office and its unobstructed views of Bayfront Park and Biscayne Bay traded for about $271 per square foot.
East End founder and managing principal Jonathon Yormak said the downtown market has seen a “dramatic transformation into a vibrant urban center that we are proud to be a part of.” A shift in the urban core’s demographics to well-educated, full-time residents calls for creative and amenity-rich office space, he said.
In response, the investor plans to reposition the building to attract tech and creative tenants.
East End recently built Wynwood Arcade retail building in Miami’s arts district and plans to build the mixed-use Wynwood 25, which recently obtained city zoning approval.
The New World Tower is over 80 percent occupied. It last sold for $60.4 million in 2006 to Panther Real Estate Partners in Miami — a $24 million gain in 10 years.
Capital flowing in from the northeast has fueled other office trades in downtown Miami this year.
New York developer Moishe Mana purchased the 91-year-old Biscayne Building at 19 W. Flagler St., a 14-story tower that rose during a 1920s construction boom. He paid $24.5 million for the tower in August.
In one of the blockbuster deals this year, a Japanese conglomerate acquired the iconic 47-story Miami Tower for $220 million, or $357 per square foot.
The nearby Southeast Financial Center, the tallest office tower in Florida, is expected to shatter price records now that it’s up for sale for the first time in eight years.
Get the latest industry news and information from CRE-sources delivered right to your email inbox! And we promise…no more than one email each morning. Just follow the instructions below.
Get the latest industry news and information from CRE-sources delivered right to your email inbox! And we promise…no more than one email each morning.
And we promise…no more than one email each morning.