Shorenstein Properties Sells 2 & 3 MiamiCentral to Funds Managed by Blackstone Real Estate
19 Mar, 2021, 18:00 ET
SAN FRANCISCO, March 19, 2021 /PRNewswire/ -- Shorenstein Properties, LLC ("Shorenstein"), an owner and operator of high-quality office, residential and mixed-use properties across the U.S., today announced the sale of 2 & 3 MiamiCentral to funds managed by Blackstone Real Estate ("Blackstone") for approximately $230 million.
Located in Downtown Miami, this approximately 330,000 square-foot property is directly adjacent to the MiamiCentral train station and serves as the ideal location for employees commuting across South Florida through the public transportation system or commuting via automobile. 2 & 3 MiamiCentral has been recognized by industry-leading organizations for the building's environmental stewardship, with certifications from The U.S. Green Building Council's LEED and ENERGY STAR. In addition to Blackstone's Technology & Innovations group, which occupies approximately 12% of the space at 2 MiamiCentral to accommodate the 200 employees it is hiring to join the technology team, the property has national, institutional tenants including Carlton Fields, Ernst & Young, New Fortress Energy and ViacomCBS. The MiamiCentral station project also houses retail and residential space, including a Publix supermarket on the ground floor of 3 MiamiCentral. In total, the buildings are 98% occupied with remaining lease terms of more than eight years on average.
"We are pleased to have completed the sale of 2 & 3 MiamiCentral," said Claude Esposito, Vice President, Investments Group at Shorenstein. "This deal is a great example of executing on our thesis of investing in high quality properties in growing markets and adding significant value through leasing and capital improvements. We are proud to have positioned the property for future success and know that the tenants of 2 & 3 MiamiCentral are in good hands with Blackstone Real Estate."
David Levine, Senior Managing Director in Blackstone Real Estate, added, "We are high conviction, thematic investors focused on investing in growing markets with strong demographic tailwinds and talent pipelines, such as Miami. 2 & 3 MiamiCentral are extremely high-quality assets in a prime location with access to mass transit, and we are pleased to acquire them on behalf of our investors."
Shorenstein's presence in South Florida also includes The Main Las Olas in Downtown Fort Lauderdale. This brand new, just delivered 25-story mixed-use development with a 385,000-square-foot Class A office building is currently leasing to prospective tenants. The Main Las Olas' adjacent residential tower, Novo Las Olas, houses Fort Lauderdale's first Publix GreenWise on its ground floor. The Main Las Olas is just four blocks from Brightline's Fort Lauderdale Station, and has world class amenities including covered and uncovered outdoor terraces with ocean views, club rooms, lounges, flex multipurpose spaces and a state-of-the-art fitness center, with plans to include a high-end restaurant and casual eateries on the ground floor of the office building. Designed with health and wellness as a priority for tenants, the building also offers ionized air filtration systems, touchless front entry in common areas and building access by FOB or cell phone. South Florida continues to benefit from the ongoing surge in business activity and migration, with Fort Lauderdale representing one of the most attractive destinations in the region. For more information on The Main Las Olas, please visit www.themainlasolas.com.
About Shorenstein Properties LLC
Founded in 1924, Shorenstein Properties LLC is a privately-owned, real estate firm that owns and operates high-quality office, residential and mixed-use properties across the U.S., with offices in San Francisco and New York. Since 1992, Shorenstein has sponsored twelve closed-end investment funds with total equity commitments of $8.8 billion, of which Shorenstein committed $723.5 million. The firm uses its integrated investment and operating capabilities to take advantage of opportunities that, at the particular time in the investment cycle, offer the most attractive returns. Investments have included ground-up developments, asset repositioning and stabilized assets; investment structures have included asset acquisitions, mezzanine loans, preferred equity investments and structured joint ventures. These funds have invested in properties totaling 67 million square feet in transactions with a gross investment value in excess of $16 billion. More information is available at www.shorenstein.com.
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SOURCE Shorenstein Properties LLC
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