Blackstone Buys Miami Office Complex for $230M
Shorenstein Properties is the seller of the 330,000-square foot property.
Funds managed by Blackstone Real Estate have acquired a Miami office complex from Shorenstein Properties for $230 million. The property, 2 & 3 MiamiCentral, is a 330,000-square foot complex that counts among its tenants Carlton Fields, Ernst & Young, New Fortress Energy and ViacomCBS as well as Blackstone’s Technology & Innovations group, which occupies approximately 12% of the space at 2 MiamiCentral.
The buildings are directly adjacent to the MiamiCentral train station.
David Levine, senior managing director in Blackstone Real Estate, cited the building’s “prime location” as among the reasons why it acquired 2 & 3 MiamiCentral. “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 have certifications from The US Green Building Council’s LEED and ENERGY STAR.
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.