Ben Kohn's PLBY Group Leases 20,000 Square Foot Office In Miami Beach From Robert Rivani
1691 Washington Avenue
Building Size
20,000 SF
Asset Type
Office
Closing
Aug 13, 2025
About this deal
AI
The property involved in this transaction is located at 1691 Washington Avenue in Miami Beach. It is an office asset measuring 20,000 square feet. The building has undergone a $100 million renovation, making it a modern space for business operations.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not disclosed
- Lease Term: 10-year
- Landlord: Robert Rivani - Black Lion
- Tenant: Ben Kohn - PLBY Group - Playboy
- Landlord's Representative: Jeremy Hakala - Newmark
- Tenant's Representative: Tony Jones - Cushman & Wakefield
This lease entails Playboy relocating its 300-employee headquarters from Los Angeles to Miami Beach, with plans for a content studio and a new members-only Playboy Club. The transition aligns with the brand's focus on licensing, which contributed significantly to its revenue in Q2.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93