NG 1601 Washington Ave. LLC Acquires Office Building From Cousins Properties Inc. $80M

The property at 1601 Washington Ave in Miami Beach was sold for $80,000,000.00 on December 28, 2016. This Class A office building comprises 140,000 square feet of space, including over 110,000 square feet of office space and 30,000 square feet of retail space. Additionally, it features 500 parking garages and is currently single-tenant leased to LNR Partners.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $80,000,000.00
• Market: Miami Beach
• Buyer: NG 1601 Washington Ave. LLC
• Seller: Cousins Properties Inc
• SF: 140,000

NGKF Capital Markets Executive Managing Director Michael Lapointe, Managing Director Michael Lohmann, and Associate Director Clay Sidner represented the buyer, NG 1601 Washington Ave. LLC, in the transaction. On the seller's side, Chris Lee of CBRE represented Cousins Properties Inc, the Atlanta-based real estate investment trust. The property, situated near a vibrant area in South Beach, offers easy access to hotels, shops, and restaurants, making it a coveted asset within Miami Beach's real estate landscape. The recent sale, facilitated through a ground lease with the City of Miami Beach, underscores the enduring appeal of core assets in the region.