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Shorenstein sells Miami offices to Blackstone for $230M

Shorenstein Properties announced the sale of 2 & 3 MiamiCentral to funds managed by Blackstone Real Estate for approximately $230 million.

Located in Downtown Miami, the 330,000 s/f property is directly adjacent to the MiamiCentral train station and serves commuters across South Florida.

2 & 3 MiamiCentral has certifications from The U.S. Green Building Council’s LEED and ENERGY STAR.

Blackstone’s Technology & Innovations group occupies approximately 12 percent of the space at 2 MiamiCentral to accommodate the 200 employees it is hiring to join the technology team. Other tenants include 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 percent occupied with remaining lease terms of more than eight years on average.

CLAUDE ESPOSITO

“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, a just delivered 25-story mixed-use development with a 385,000 s/f.

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