City of Miami Selling its HQ Office Building

The 3.15-acre site sits on over 650 linear feet of the Miami River with redevelopment potential of up to 1,574 units.

MIAMI—The City of Miami is selling Miami Riverside Center (MRC). Serving as the city’s administrative headquarters, the building is located at 444 Southwest Second Avenue. CBRE ‘s Robert Given is leading the disposition efforts. CBRE ‘s Shay Pope is marketing the opportunity to acquire a new facility in collaboration with the firm’s public sector experts, Michael McShea and Lee Ann Korst . “Both Mayor Regalado and the City’s Department of Real Estate recognize the tremendous value of selling this asset,” says Daniel Rotenberg , the city’s department of real estate director. “The potential to expand economic development at the existing site and solve the city’s operational need for a new facility will greatly benefit the City of Miami.” The 3.15-acre site sits on over 650 linear feet of the Miami River with redevelopment potential of up to 1,574 units. The city’s goal is to obtain new class A office space for its administrative offices within the city limits. The city will also entertain the leaseback on its 194,679 rentable square foot building for up to three years. “The sale of this real estate asset places the property to new use, sparking commercial economic activity,” says Given, vice chairman at CBRE. “The city’s disposition of this asset supports the City’s commitment toward fiduciary responsibility recognizing they don’t need to be on prime real estate located directly on the Miami River.”