Colliers Secures Two Leases For Ares Management Corp And Family Office At Eighteen Sunset Miami Beach
1759 Purdy Avenue
Building Size
17,708 SF
Asset Type
Office
Closing
Nov 26, 2024
AI
The mixed-use property located at 1759 Purdy Avenue in Miami Beach features an office asset type with a total square footage of 17,708. The property is developed by Deco Capital Group and RWN Real Estate Partners, and is situated in a prime Sunset Harbour location, boasting premium amenities.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not disclosed
- Address: 1759 Purdy Avenue
- Market: Miami Beach
- Landlord: Bradley Colmer - Deco Capital Group; Ari M. Shalam - RWN Real Estate Partners
- Landlord's Representative: Stephen Rutchik - Colliers
- Tenant: Michael Arougheti - Ares Management Corp.; Undisclosed family office
- Tenant's Representatives: Barbara Black & Jeffrey Gordon - CBRE
Colliers secured two leases with Ares Management Corp. and an undisclosed family office that constitute the total square footage, achieving full occupancy for the Class A+ boutique office building. The new tenants will join existing ones, including Pretium Partners, Audemars Piguet, GFL Environmental, Lamborghini, Uchiko, and Kitson Yachts.
Players
Miami Beach Office Market Snapshot
Boundary boundary · Office · Lease transactions
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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