The former Miami Beach headquarters of Starwood Capital has been sold for $82 million in a significant commercial deal. The eight-story office building, located at 1601 Washington Avenue, is set to undergo substantial renovations following the acquisition by Black Lion Investment Group, led by Robert Rivani, and Massa Investment Group, headed by Mathieu Massa. The property, spanning 140,000 square feet, offers a mix of office and retail space, and its prime location in Miami Beach adds to its appeal in the market.

Summary of transaction details

• Property Type: Mixed-use
• Transaction Amount: $82,000,000
• Square Footage: 140,000
• Address: 1601 Washington Avenue
• Market: Miami Beach

Newmark brokers Jeremy Hakala and Clay Sidner facilitated the sale, representing the buyers, Black Lion Investment Group and Massa Investment Group. On the other side of the transaction, Elie Schwartz from Nightingale Group and Jacob Khotoveli from JBL Asset Management represented the sellers. The collaboration between these prominent individuals and companies underscores the significance of the deal, further showcasing the potential of the property in the Miami Beach market.