Blackstone Group Acquires $230M Office Asset In Miami From Shorenstein Properties
SOLD
$230,000,000
Florida
See Similar DealsOffice330,000 SF
Sold 03/19/2021
SOLD
Blackstone Group Acquires $230M Office Asset In Miami From Shorenstein Properties
700 NW 1st Ave, Miami, FL, USA
See Similar DealsOffice330,000 SF
Sold 03/19/2021
Summary
FLORIDA
Asset Type:Office
Price Per Square Foot:$697
Total Square Footage:330,000 SF
Transaction Type:Sale
The Blackstone Group has acquired an office property in Miami for a price of $230,000,000. The property, located at 700 NW First Ave & 161 NW 6th St, spans 330,000 square feet. With a price per square foot of $697, this transaction represents a significant investment in the Miami office market.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $230,000,000
- Address: 700 NW First Ave & 161 NW 6th St
- Market: Miami
- Square Footage: 330,000
- Price per Square Foot: $697
The seller of the property was Shorenstein Properties. Led by Stephen Schwarzman, Kathleen McCarthy, Jon Gray, and Ken Caplan, the Blackstone Group saw an opportunity for investment in the Miami office market and successfully closed this deal. This acquisition adds to the Blackstone Group's portfolio in the commercial real estate sector.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$12,266,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$817,141.43
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,090,317.34
Annual Debt Service$13,083,808.09
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