MIAMI—200 Southeast First Building, a 12-story class A office building with ground-floor retail in the heart of Miami's Central Business District, just hit the market. The list price: $38 million.

Institutional Property Advisors (IPA), a division of Marcus & Millichap, just listed the office asset. IPA senior director Douglas K. Mandel and director Benjamin H. Silver are representing the seller, a Miami-based real estate company.

“With its high-class finishes, unmatched location and amenities, plus an immense level of value-add upside potential through lease-up and rent escalation, the 200 Southeast First Building is poised to take advantage of the explosive growth happening in Downtown Miami,” says Silver. “The property's rental rates are approximately half of those of similar-class buildings on Brickell Avenue.”