Lombardi Properties Proposes 161 Office: A New High-Rise Office Development in Miami
Lombardi Properties, a prominent Miami-based real estate firm, has proposed an exciting new high-rise office building in Miami-Dade County. Dubbed “161 Office” by The Next Miami, the project is poised to transform the local office market with its innovative design and strategic location.
The 12-story development will span over 45,000 square feet of new construction, replacing an existing commercial building that has stood on the site since the early 1970s. To accommodate this ambitious project, Lombardi Properties acquired the two parcels making up the 12,200-square-foot site for $5.15 million in the fourth quarter of last year.
161 Office is designed to offer a blend of premium office spaces and modern amenities. The South Florida Business Journal provides deeper insight into the building’s layout, noting that the second through eighth floors will house “move-in ready spec office suites” ranging from 900 to 2,400 square feet. Each suite will come equipped with essential business features, including conference rooms and kitchens, catering to professionals seeking a turnkey office solution.
The ninth floor will serve as a dedicated amenity level, featuring a state-of-the-art fitness center and an outdoor terrace, fostering a balanced work environment. The uppermost floors will consist of full-floor office spaces, each spanning approximately 2,500 square feet, ideal for larger enterprises or businesses looking for expansive, private workspaces.
Designed by the esteemed Deforma Studio, 161 Office is set to make a striking addition to the skyline. The project is expected to be reviewed by Wynwood’s Design Review Committee in the coming days. If approved, 161 Office will rise at 161 N.W. 29th Street and 160 N.W. 30th Street, in the heart of Miami’s thriving business district.
With Miami’s office market continuing to evolve, this project stands as a testament to the city’s ongoing growth and appeal as a hub for businesses and entrepreneurs.
Citadel Partners with Related Companies to Build Tower in Brickell
In a major announcement that underscores Brickell’s evolving skyline, Citadel has revealed its partnership with Related Companies to construct a striking new tower in the heart of Miami’s financial district. According to plans filed last year, the proposed 55-story tower will reach an impressive height of 1,046 feet above ground, or 1,049 feet above sea level, officially earning it the designation of a “supertall” structure. Designed by the world-renowned architecture firm Foster + Partners, the building will feature a sleek, modern aesthetic that complements Brickell’s reputation as Miami’s financial and urban epicenter.
The tower will primarily house office spaces, catering to the increasing demand for premium work environments in the area. Additionally, the project will include hotel accommodations and retail spaces, further enhancing its appeal as a mixed-use destination. A key feature of the development is a public baywalk, which will provide residents and visitors with access to scenic waterfront views and outdoor leisure opportunities.
This partnership with Citadel marks a significant pivot for Related Companies in Brickell. The developer had previously teamed up with Swire Properties to work on a separate near-supertall office tower project known as One Brickell City Centre. However, that property has now been listed for sale, signaling a strategic shift in Related’s focus toward the new collaboration with Citadel.
The Citadel-Related tower is poised to become a standout addition to Miami’s iconic skyline, reinforcing Brickell’s status as a hub for business, luxury, and innovation. With its combination of striking architecture, prime location, and versatile offerings, this project is set to attract global attention and further cement Miami’s position as a premier destination for commerce and lifestyle.
Coral Gables’ 4225 Ponce Development, a Class A+ Commercial and Retail Opportunity
Constellation Group, a distinguished commercial real estate investment and development firm based in Miami, in collaboration with The Boschetti Group, has successfully secured a substantial $33 million construction loan from Miami’s Banesco USA and Abanca. This funding is a strategic investment in the development of a Class A+ boutique office and retail complex at 4225 Ponce de Leon Boulevard, located in the heart of Coral Gables, South Florida’s City Beautiful and Merrick Park district. Renowned for its upscale shopping and entertainment, this area is a hub for economic growth and opportunity.
Eduardo Otaola, the Managing Principal at Constellation Group, highlighted the significance of this partnership and the potential of 4225 Ponce to introduce a unique, boutique-style Class A office environment to Coral Gables. This development is strategically positioned in a market that is currently experiencing limited supply, making it an attractive investment opportunity.
The project involves an eight-story building, spanning approximately 85,000 square feet between 4225 and 4311 Ponce de Leon. This venture is distinguished by its innovative design from the internationally acclaimed architectural firm, Arquitectonica. The luxury boutique-style Class A Office will feature 5,900 square feet of ground floor retail space, extensive parking facilities, 70,000 square feet of premium office space, and a rooftop food and beverage venue of 7,000 square feet, offering panoramic city views.
Amelia Rodriguez, Senior Vice President of Banesco USA, expressed optimism about the sustained economic growth in South Florida and the role of 4225 Ponce in enriching Coral Gables’ status as a prime business and cultural hub. This project aligns with Banesco USA’s vision of investing in innovative and dynamic projects, indicating a strong future for similar endeavors.
Monica Vasquez, General Manager at Abanca, emphasized the transformative nature of this collaboration, aimed at enhancing the urban, cultural, and economic landscape of Coral Gables. This development is a testament to Abanca’s commitment to supporting visionary and impactful projects.
Set to break ground in Q4 2023 and slated for completion in 2025, this project signifies a major revitalization initiative around Coral Gables’ Merrick Park district. It aims to elevate the business and consumer landscape of the area. Interior Architects, Inc. and Naturalificial will play crucial roles in designing the interior and landscape, ensuring a harmonious blend of nature and modernity.
Investors should note the project’s unique features, including four stories of Class A+ office space, a rooftop restaurant with city views, outdoor terraces, ground-floor retail spaces, and a 1,500-square-foot lounge. The addition of a covered pedestrian plaza and paseo with valet parking service is expected to enhance the appeal and functionality of the development, making it a lucrative investment opportunity in a thriving economic zone.
Miami’s First Swiss Luxury Watchmaker Audemars Piguet to Open at Eighteen Sunset in Sunset Harbour
Miami Beach’s Sunset Harbour district is poised to redefine luxury with the imminent arrival of AP House. Crafted by the esteemed Swiss luxury watchmaker, Audemars Piguet, this boutique hospitality gem will occupy a sprawling 11,841 square feet within the iconic Eighteen Sunset. This landmark mixed-use development, currently the sole Class A+ office project under construction in Miami Beach, is set to be unveiled later this year, paving the way for AP House’s grand opening in 2024. A mere two office spaces on the fourth and fifth floors await tenants.
AP House is not just a space; it’s an experience. Envisioned as a residential salon, it promises an ambiance perfect for relaxed browsing, social interactions, and elite gatherings for both existing and prospective Audemars Piguet aficionados. This Miami Beach addition will be the 16th in AP House’s global portfolio, joining illustrious counterparts in global hubs like Los Angeles, London, Tokyo, and Zurich, to name a few.
Bradley Colmer, the visionary founder of Deco Capital, remarked, “Miami and Miami Beach’s burgeoning population of affluent individuals and top-tier businesses has amplified the demand for unparalleled brand experiences. Audemars Piguet’s foray, in its most elite avatar, underscores Miami Beach’s metamorphosis into a premier global luxury destination, replete with world-class offerings.”
Guests of AP House will be ushered into an exclusive ground-floor lobby within Eighteen Sunset. A private elevator will transport them to the pinnacle of luxury, where panoramic vistas of Biscayne Bay and Downtown Miami await, framed by expansive windows and complemented by lavish wrap-around balconies.
Eighteen Sunset is already home to an impressive roster of elite tenants, including Pretium, a distinguished investment management firm, and Uchiko, an avant-garde restaurant by the acclaimed Hai Hospitality group.
Nestled in the heart of Miami Beach’s Sunset Harbour, a hotspot for upscale shopping, dining, and lifestyle, Eighteen Sunset is Deco Capital’s flagship mixed-use venture. Spanning five stories and overlooking the serene Biscayne Bay, it boasts 17,000 square feet of retail and restaurant space on the ground floor, ample parking on the second, and 40,000 square feet of Class A+ office space on the subsequent floors. The cherry on top? An exclusive penthouse with a stunning rooftop deck.
Stephen Rutchik of Colliers International, who represented Eighteen Sunset’s ownership alongside Neil King of CBRE, extolled, “Eighteen Sunset is unparalleled in Miami Beach and the broader Miami region. Its unique blend of tenants, unmatched finishes, and prime location make it a rival to the top office properties in the Financial District. Yet, it retains the charm of a boutique establishment nestled in one of South Florida’s most coveted lifestyle locales.”
Key International Sets Sights on Miami’s Financial District with a Pioneering Office Tower
In the heart of Miami’s bustling Financial District, Key International, under the leadership of co-presidents Inigo and Diego Ardid, is poised to redefine the skyline with their ambitious plans for 848 Brickell Avenue. This isn’t just another office building; it’s a statement of intent, a 50-story beacon that promises to elevate the standards of Class-A office spaces.
The architectural maestros behind this venture are none other than Skidmore, Owings & Merrill (SOM), the globally acclaimed firm responsible for iconic structures such as the Burj Khalifa and One World Trade Center. Their involvement alone signifies the magnitude and prestige of this project.
Positioned strategically in the sought-after Brickell neighborhood, the tower will be a stone’s throw away from the Brickell City Center and a plethora of upscale dining and retail establishments. Once completed, it will soar to an impressive height of approximately 761 feet, making it a dominant feature of Miami’s skyline.
Diego Ardid, co-president of Key International, shared his vision for the new 848 Brickell. He envisions it as more than just a workspace; it’s a testament to architectural prowess combined with unparalleled amenities that will reshape Miami’s work culture. This isn’t just about meeting expectations; it’s about surpassing them.
The tower is meticulously designed to cater to the burgeoning demand for luxury office spaces in Miami. Boasting 750,000 square feet of office real estate, prospective tenants can expect floor plans ranging from 19,000 to 27,000 square feet, tailored to accommodate diverse sectors such as law, technology, and notably, finance.
What truly sets this building apart is its emphasis on holistic well-being. It’s not just about work; it’s about wellness. The building champions both LEED and WELL rating systems, underscoring its commitment to environmental sustainability and the health of its occupants. Features such as residential-style balconies foster a connection with nature, while a sprawling 40,000-square-foot amenity level, complete with outdoor meeting spaces, lounges, a state-of-the-art gym, an outdoor walking trail, and two regulation-sized Padel courts, ensures that work-life balance isn’t just a catchphrase—it’s a reality.
The Pinnacle of Miami’s Skyline: A New Luxury Office Tower by One Thousand Group
In a move that underscores the ever-evolving skyline of Miami, the One Thousand Group, spearheaded by industry stalwarts Louis Birdman, Michael Konig, and Kevin Venger, has unveiled plans for a state-of-the-art office tower. This ambitious project, set to rise adjacent to the iconic Miami Design District and offer panoramic views of Biscayne Bay, is a testament to the city’s burgeoning status as a global business hub.
The proposed edifice, a 47-story marvel stretching 635 feet into the Miami sky, is the brainchild of KPF Kohn Pederson Fox, a New York-based architectural giant renowned for its global footprint in designing iconic office towers. Their illustrious portfolio boasts landmarks such as One Vanderbilt, the Hudson Yards trilogy in New York City, 52 Lime Street in London, and 18 Robinson in Singapore, to name a few.
The project, tentatively titled “Tower 36,” is set to be a beacon of modern architecture and design. Encompassing a sprawling 1.6-acre plot at the nexus of Biscayne Boulevard and 36th Street, the plans detail over 29,000 square feet of commercial space housed within the building’s podium. Additionally, the tower will feature over 312,000 square feet of premium office space, complemented by a parking facility accommodating 671 vehicles. In total, Tower 36 promises over 610,000 square feet of cutting-edge infrastructure, all while adhering to the Miami 21 Zoning Code.
The One Thousand Group’s vision is clear. As they elucidate, the ongoing migration of corporate giants like Citadel and Microsoft to Florida underscores Miami’s emerging prominence. The intersection of Biscayne and 36th Street is not just a geographical landmark; it symbolizes the confluence of the vibrant Design District and the waterfront splendor of Edgewater. As businesses recalibrate post-pandemic, the demand for world-class office spaces in strategic locations is paramount. The One Thousand Group’s blueprint seeks to amalgamate luxury, top-tier amenities, unparalleled security, and a holistic work environment, reminiscent of their ultra-luxury residential ventures.
Norman Foster’s Biophlic South Beach Office Building Project Approved by the Planning Board of Miami Beach
The proposed Alton Road office project in South Beach by developer Shvo was approved by the Planning Board of Miami Beach.
The project is being designed by Pritzker Prize winner Lord Norman Foster and the crew at Foster + Partners using a biophilic approach that was influenced by Florida’s climate and vegetation. Foster and Kobi Karp Architects are listed as the architects involved in the design.
‘The Alton’ and will rise 6 stories with 170,000 rentable square feet, 17,000 square feet of ground floor retail, and 4 luxury residential units.
The hearing before the Design Review Board will take place in October. The Alton’s construction is anticipated to start in early 2024, assuming it is permitted.
Shvo is working with Foster and architect Peter Marino on three Class-A office buildings in Miami Beach, including The Alton, that have a combined square footage of about 400,000. Together with Deutsche Finance America, the developer is committing nearly $2 billion to Miami Beach.
Monarch Alternative Capital Buys 801 Brickell Office Tower for $250 Million
The 801 Brickell office tower in Miami is being purchased by Monarch Alternative Capital and Tourmaline Capital Partners for roughly $250 million.
This 28-story building is anticipated to close in the next week. According to property records, the building was finished in 1984 and has a total square footage of 695,000 square feet, 415,000 of which are offices. The building was purchased in 2002 for $80.3 million by Nuveen, the financial division of the Teachers Insurance and Annuity Association of America, or TIAA. Over 90% of units at 801 Brickell are leased.
Among the tenants are the bank Cassel Salpeter, the investment business Selvatra, and Swiss Re AGroup. The 7,000 square foot office will be opened in the fourth quarter by BNP Paribas Securities Corporation, a division of the European bank BNP Paribas. Komodo, a restaurant owned by Groot Hospitality, has a location at 801 Brickell as well.
Approximately 60% of the purchase price is being financed by 801 Brickell’s buyers.
Apollo Capital Management, Canadian asset management CI Financial, and private equity company Thoma Bravo are three financial institutions that have recently leased space in Brickell. Also relocating from Chicago to Brickell is billionaire Ken Griffin’s Citadel and Citadel Securities.
Since Griffin’s $286.5 million purchase of the structure at 1221 Brickell Avenue in the summer of last year, Monarch and Tourmaline’s acquisition is the largest office transaction in South Florida.
With some asking rentals over $100 per square foot, the number of tenants has driven Brickell rents to all-time highs. The 801 Brickell acquisition is partially a bet on rental growth at the tower because, according to sources, new leases are signing for over $100 per foot, which is significantly more than the rates for existing leases.
According to its website, Tourmaline is an office investment company created in 2021 that has made $3 billion in deals and has 1.4 million square feet under construction. Brandon Huffman is in charge of it.
The Citigroup Center in downtown Miami, located at 201 South Biscayne Boulevard, is likewise a property owned by Monarch and Tourmaline. The 34-story tower also has CP Group, formerly known as Crocker Partners, is listed as a co-owner.
Eco-Friendly Mixed-Use Building Proposed in Coral Gables
Along the well-known Miracle Mile district of Coral Gables, Terranova Corp. intends to construct what might be the first mixed-use carbon-neutral structure in South Florida.
The office and retail building will generate all of the energy required to run it on-site, according to the Miami Beach-based developer. Using photovoltaic glass to capture solar energy, battery systems to store it, and energy-efficient AC and elevator systems might be done.
The total square footage of the four-story structure at 93 Miracle Mile would be 36,482. The building would feature 26,167 square feet of area for shops and restaurants and the rest for offices. A rooftop terrace would also be present.
According to Chairman of Terranova, Stephen Bittel, “93 Miracle Mile will be a revolutionary project, not only as a platform to champion Coral Gable’s dignitaries as forward-thinking leaders in sustainable development but also a blueprint for other developers and city planners as we face a climate crisis around the world. The modern proposed structure respects the scale of Miracle Mile, and uses traditional stone materials on the exterior, while also incorporating the best environmental options for the future.”
The developer paid $6.8 million for the 10,164-square-foot site in 2021 through an associate. The 9,097 square foot retail facility that it currently has would be torn down.
The project’s design was created by Miami-based Arqutiectonica and is awaiting local permission. Onyx Solar, based in Spain, was chosen to supply the solar glass. The solar glass will help with insulating the building as well as generating solar energy. The rooftop design will create a trellis that helps support the suspended orchid garden.
CP Group and DRA Purchase Miami Tower for $163 Million
The famous Miami Tower was just purchased by CP Group and DRA Advisors for $163 million.
Since its completion in 1987, the 47-story office skyscraper by the late Pritzker-winning architect I.M. Pei has served as a landmark in Downtown Miami, illuminating Miami’s skyline with light displays.
The 636,000-square-foot skyscraper has 37 levels of offices, 10 floors of parking, an on-site Metromover station, and street-level retail space. It is situated at 100 SE 2nd Street, a block from the Miami River.
Leading hedge fund Citadel and its sister company Citadel Securities, a market maker, recently announced plans to move from Chicago to Brickell, Miami’s financial area. The company’s creator, millionaire Ken Griffin, paid $287 million for the office building 1221 Brickell and $363 million for a beachfront property on Brickell Bay Drive where he plans to erect an office skyscraper.
Miami Tower traded with a loss, as opposed to 1221 Brickell, which reported an 85% gain from its most recent sale in 2017. According to public documents, Sumitomo Corporation of Americas, the seller, paid $220 million for the property in 2016.
Losing a significant tenant contributed to Miami Tower’s depreciation. Last year, the law firm Carton Fields moved into the MiamiCentral building, leasing around 95,000 square feet. Currently, Miami Tower is only about 65 percent occupied, down from almost 100 percent in 2016.
According to a source, the property’s renovation by the new owners will probably cost more than $20 million.
The agreement is CP and DRA’s second joint venture in South Florida. For $320 million, New York-based DRA acquired CP’s majority ownership of the Boca Raton Innovation Campus office development. It continues to be the largest office trade in South Florida in terms of gross volume.
