Blackstone Group Acquires $230M Office Asset In Miami From Shorenstein Properties
700 NW 1st Ave, Miami, FL, USA
$230,000,000
$697/SF
Building Size
330,000 SF
Asset Type
Office
Closing
Mar 18, 2021
About this deal
AI
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.
On the Map
$230,000,000
$697/SF
Office
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.07%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93