RFR Realty is looking to offload its downtown Miami office tower for about $130 million, The Real Deal has learned.
New York-based RFR listed the 30-story, 310,000-square-foot 100 Biscayne, at 100 Biscayne Boulevard, according to a source familiar with the matter. The asking price amounts to $419 per square foot.
A Newmark team led by Adam Spies and Adam Doneger is marketing the property. Newmark declined to comment.
RFR, led by Aby Rosen and Michael Fuchs, plans a nearly 1,000-foot supertall with condos, a hotel and amenities on a 2.2-acre assemblage adjacent to 100 Biscayne. The project is planned for RFR’s properties at 130 and 136 Biscayne Boulevard, and 141 Northeast Third Avenue.
RFR paid $81.1 million for the tower and adjacent garage in 2022, according to records. The garage, which is part of the supertall development site, isn’t listed for sale.
At the time of its purchase, RFR obtained a $67.8 million loan from an Australian lender for the tower and later re-assigned the debt to MSD Partners (now called BDT & MSD Partners), bumping it up to $107.4 million, according to records.
The East End Capital-led partnership that sold the building to RFR had been mired in litigation between New York-based East End and its Australian investment partner. East End paid $84 million for 100 Biscayne in 2016, records show.
RFR completed capital improvements of the property, including interior renovations and structural repairs, according to notices the firm filed.
The firm “brought its New York sensibility” in the renovations and included “sought-after amenities while preserving upside for the next owner,” said AJ Camhi, RFR’s executive vice president and director of leasing.
It increased occupancy to 92 percent from 60 percent, according to a news release last month about some of the leases. Pet insurance and lost pets recovery brands firm Independence Pet Holdings took 8,000 square feet for a 10-year term, and LVMH renewed its 34,000-square-foot lease on five floors for a seven-year term.
Israeli flex office provider Mindspace signed a 10-year, 31,200-square-foot lease on three floors at 100 Biscayne in 2023.
In 2022, French linguistic school Alliance Française Miami Metro took 2,100 square feet, architecture and design firm Spectorgroup took 1,600 square feet and general contractor J.T. Magen & Company leased 1,600 square feet. At the time, the Bahamas Consulate General of Miami renewed and expanded its space at 100 Biscayne, and architecture firm Zyscovich, which has had its office at 100 Biscayne for over 20 years, renewed for nearly 26,000 square feet.
South Florida office investment sales have picked up from a slowdown amid elevated interest rates in 2023 and 2024, though the effects of the higher rates are still felt, with some properties trading for small gains, at discounts or in foreclosure proceedings.
The volume of office investment sales in the tri-county region last year was $2.2 billion, more than the $2.1 billion and $1.3 billion in 2024 and 2023, respectively, according to CBRE. Last year’s volume still was less than the $4.6 billion in sales in 2021 during South Florida’s office market peak, fueled by an influx of out-of-state firms.
The top deal last year was billionaire Zara founder Amancio Ortega’s $274.4 million purchase of the 30-story Sabadell Financial Center in Miami’s Brickell.
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