Updated April 12, 2002
East End Capital and GreenOak Real Estate offloaded a South Beach office building for $52.3 million, property records show.
The four-story building, located at 555 Washington Avenue, is in a district known for its party scene, just a block from both 5th Street and nightlife mogul David Grutman’s popular Goodtime Hotel.
The 137,579-square-foot property offers 243 parking spots, 46,000 square feet for offices and 22,000 square feet of street-level retail, most of which is leased to CVS.
For the buyer, the Boston-based Davis Companies, the purchase appears to be its first office foray in South Florida.
The sellers paid $38 million in 2018 for the mixed-use property, built in 2001. The $14 million profit in just four years reflects Miami Beach’s growing appeal for top executives.
JLL represented the seller, a joint venture between East End and BentallGreenOak, and procured the buyer, a partnership between Greenmont Group and Davis. The JLL Capital Markets team representing the seller was led by Senior Managing Director Hermen Rodriguez, Managing Director Ike Ojala and Director Matthew McCormack.
Source: Commercial Observer
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