Blackstone Acquires MiamiCentral Office Buildings For $230 Million To Build Downtown Miami Technology Hub
The New York City-based global investment firm Blackstone has acquired the 2 and 3 MiamiCentral office buildings from Shorenstein Properties for $230 million. The office complex, which was developed in 2017 and 2018, spans 317,939 square feet.
The New York City-based global investment firm Blackstone has acquired the 2 and 3 MiamiCentral office buildings from Shorenstein Properties for $230 million. The office complex, which was developed in 2017 and 2018, spans 317,939 square feet, breaking the transaction down to $723.41 per square foot. The office buildings are located at 161 NW 6th St. and 700 NW 1st Ave.; additionally, they are connected to MiamiCentral Station, which offers the Brightline train service to Fort Lauderdale and West Palm Beach. Shorenstein Properties initially acquired the properties for $170.5 million in May 2019.
Blackstone leased 41,000 square feet at 2 MiamiCentral in January 2021 for Blackstone’s in-house technology team BXTI before committing to buying the buildings. Blackstone plans to build a technology hub in Downtown Miami and will use the new acquisitions as part of its initiative. The firm plans to hire over 200 technology employees in Miami.
Other tenants at 2 & 3 Miami Central include Ernst & Young, Regus, Moss & Associates, Atlantic Pacific Corporation, Publix, Brightline, CONCACAF, MTV, Einstein Bros. Bagels and Florida East Coast Industries.
Powerhouse Gym Leases 36,000 SF of Space At MiamiCentral In Downtown Miami
Powerhouse Gym has leased 36,000 square feet of space at MiamiCentral, marking the international fitness chain’s entrance into the Miami market. MiamiCentral, located in the heart of Downtown Miami at 600 NW 1st Avenue, is the home base of Brightline Trains and a mixed-use, urban experience that is transforming the Florida landscape.
Powerhouse Gym has leased 36,000 square feet of space at MiamiCentral, marking the international fitness chain’s entrance into the Miami market. MiamiCentral, located in the heart of Downtown Miami at 600 NW 1st Avenue, is the home base of Brightline Trains and a mixed-use, urban experience that is transforming the Florida landscape. The JLL team of Katie Fernandez-Espinosa, Zach Winkler, and Rafael Romero represented MiamiCentral in the lease negotiations.
“With the addition of Powerhouse Gym, Downtown Miami will now have an upscale, full-service gym servicing the area’s residents and growing office sector,” says JLL’s Fernandez-Espinosa. “This deal is the perfect example of how experience driven retailers see value in and are bullish on committing to MiamiCentral. For companies looking to capitalize on the urban core’s growing residential and visitor base, MiamiCentral remains an ideal location for entertainment, lifestyle and top-tier food & beverage brands who want to be a part of where the action is happening.”
Powerhouse Gym is one of the top leaders in the fitness industry for over 40 years. With 300 licensees in 39 states, Powerhouse has continued to steadily gain global attention by expanding into 17 different countries worldwide serving over 1.2 million dedicated members. They have locations all across Florida, but this will be the first to serve downtown Miami’s rapidly expanding population.
“We are excited for the opportunity to expand into a new market, delivering the rich heritage of the Powerhouse brand to a one-of-a-kind development in MiamiCentral,” said Clayton Flotz of PowerHouse Gym.
“As a global transportation hub with lifestyle options for all, we are excited to welcome Powerhouse Gym to MiamiCentral. In addition to creating local jobs, Powerhouse will fill the much needed demand for premium fitness options of Downtown Miami residents and office workers,” said Najam Syed, Head of Asset Management for Florida East Coast Industries, the parent company of Brightline Trains.
MiamiCentral is a unique live-work-play destination with unrivaled transportation and dining options. Comprised of luxury residences, a Class-A office building, and 130,000 square foot of retail, MiamiCentral is the flagship station for Brightline Trains, which expects to be complete to Orlando in 2022. The transit-oriented development’s retail and dining venues make up an expansive promenade where Central Fare serves as one of Downtown Miami’s favorite dining destinations with culinary concepts that range from Sushi to authentic Italian pastries.
Recently MiamiCentral oversaw the grand opening of the urban core’s first Chick-Fil-A, located on the first-floor retail promenade, and also announced opening of global financial services firm Blackstone’s Tech-Hub in 2 MiamiCentral, a Class-A office building that is part of the TOD project. Blackstone is expected to hire 200+ employees for offices at MiamiCentral.
Related Group Reveals Plans For Transit-Oriented 41-Story Miami Station In Downtown Miami
Related Group has revealed plans for Miami Station, a proposed transit-oriented 41-story mixed-use tower adjacent to MiamiCentral Station. Miami Station is located at 525-533 NW 2nd Ave. in Downtown Miami on a 30,527 SF lot that is the former site of the never completed Krystal Tower.
Related Group has revealed plans for Miami Station, a proposed transit-oriented 41-story mixed-use tower adjacent to MiamiCentral Station. Miami Station is located at 525-533 NW 2nd Ave. in Downtown Miami on a 30,527 SF lot that is the former site of the never completed Krystal Tower. The project is designed by ODP Architects and plans have been submitted to Miami’s Urban Development Review Board for review. If approved Miami Station would rise 458’ and would feature 200,234 square feet of office space, 309 apartment units, 8,508 square feet of commercial space and 510 parking spaces. Amenities would include a 22nd floor amenity deck and a rooftop pool.
Blackstone Group Signs Long-Term Lease At MiamiCentral For South Florida Expansion
Blackstone Group has signed a long-term lease at 2 MiamiCentral in Downtown Miami as the investment group moves forward with their South Florida expansion which was announced in October 2020. Blackstone will occupy 41,000 square feet over two floors in the recently completed 2 MiamiCentral where the group plans to have over 200 employees who will be focused on tech.
Blackstone Group has signed a long-term lease at 2 MiamiCentral in Downtown Miami as the investment group moves forward with their South Florida expansion which was announced in October 2020. Blackstone will occupy 41,000 square feet over two floors in the recently completed 2 MiamiCentral where the group plans to have over 200 employees who will be focused on tech. The lease was overseen by Alan Klebar and Ryan Nunes of JLL, who represented Blackstone, as well as Danet Linares and Andres del Corral of Blanca Commercial Real Estate, who represented the landlord. The newly signed lease brings 2 MiamiCentral, which is owned by Shorenstein Properties, to 98% occupied with other tenants included Ernst & Young, Carlton Fields and New Fortress Energy. Asking rates at 2 and 3 MiamiCentral are $40 NNN.
“Miami is a vibrant city with a pipeline of top technology talent available from best in class university programs, as well as an experienced workforce that will enable us to diversify our talent pool and grow our technology team. 2 MiamiCentral’s prime downtown location and access to mass transit make it an ideal office location,” said John Stecher, Blackstone’s Chief Technology Officer.
MiamiCentral was developed by Florida East Coast Industries and completed in 2018. The 2 MiamiCentral and 3 MiamiCentral office buildings have highly efficient, open rectangular floor plates, floor to ceiling windows boasting unobstructed views, market leading amenities, and direct access to local and multi-city mass transit. The 17-story 2 MiamiCentral is located at 700 NW 1st Avenue and features 190,000 square feet of Class A office space with a 288-stall valet parking garage that sit adjacent to Miami Central Station, the transportation hub serving four rail lines including the Brightline. Combined 2 and 3 MiamiCentral feature 320,000 square feet of Class A office-space and were acquired by Shorenstein Properties for more than $159 million in 2019.
Target & Aldi Coming To Block 55 In Downtown Miami
Target and Aldi have been announced as the first tenants at Block 55 in Overtown, just across the street from Virgin Train’s 3 MiamiCentral. The megaproject will feature 355,000 SF of retail space, 1,050 parking spaces and 506 apartment units designed by Arquitectonica.
Target and Aldi have been announced as the first tenants at Block 55 in Overtown, just across the street from Virgin Train’s 3 MiamiCentral. The megaproject will feature 355,000 SF of retail space, 1,050 parking spaces and 506 apartment units designed by Arquitectonica. Target will occupy 51,088 SF of ground floor retail in addition to bringing a CVS Pharmacy and Starbucks. Other tenants are expected to include Aldi, Dave & Busters, Burlington, Ross, Ulta, and Youfit. Construction is expected to begin in March 2020 with a projected completion in 2023. John Moriarity & Associates as the general contractors.
Publix Receives Construction Permit For New Location In Downtown Miami At 3 MiamiCentral
Publix has received a construction permit to begin work on their newest supermarket location at Three MiamiCentral, just one block from MiamiCentral Station. Publix will buildout their 27,935 SF location in the ground floor retail space of the recently completed building which also features 90,000 SF of Class A office space and parking.
Publix has received a construction permit to begin work on their newest supermarket location at Three MiamiCentral, just one block from MiamiCentral Station. Publix will buildout their 27,935 SF location in the ground floor retail space of the recently completed building which also features 90,000 SF of Class A office space and parking. Construction costs are estimate around $3.3 million and Hawkins Construction will be the General Contractor on the project. Three MiamiCentral was the first building to open as part of the 11-acre, mixed-use MiamiCentral initiative by Florida East Coast Industries in Downtown Miami.
MiamiCentral Featuring Brightline Tabs Tony Cho’s Metro 1 Commercial As Exclusive Retail Brokerage For Development
Florida East Coast Industries (FECI) has hired leading commercial brokerage firm Metro 1 Commercial, LLC to spearhead retail leasing efforts for the state-of-the-art development, MiamiCentral, Miami's most connected, mixed-use transportation hub.
Florida East Coast Industries (FECI) has hired leading commercial brokerage firm Metro 1 Commercial, LLC to spearhead retail leasing efforts for the state-of-the-art development, MiamiCentral, Miami's most connected, mixed-use transportation hub. Metro 1 will target approximately 130,000 SF of MiamiCentral’s newly constructed retail space, with a focus on food & beverage, health & wellness and other lifestyle-driven tenants.
Andres Nava, VP of Commercial Leasing and Grace Chance, a leasing associate who recently joined Metro 1 after several years leasing Brickell City Centre, will lead efforts on behalf of Metro 1. Metro 1 Commercial’s emphasis on transit-oriented development (TOD) and proven track record for successfully utilizing retail to differentiate and elevate emerging neighborhoods played a key role in the firm’s selection.
“Metro 1 has been a catalyst in the evolution of South Florida’s most engaging projects and neighborhoods,” said Tad Templeton, vice president of retail leasing for FECI. “We are eager to have Tony and his team on board and look forward to working together in delivering that same dynamic to MiamiCentral.”
Located in the heart of Downtown, MiamiCentral aims to address the steady increase in demand for walkable, retail-driven centers caused by the area’s sharp increase in population. A recent report published by Miami’s Downtown Development Authority shows a nearly 40% increase in Downtown residents since 2010, with an average of 1,500 new residents per year. This growth not only positions MiamiCentral as the focal point for downtown commerce, but also primes the project to have far-reaching effects on the entire district.
“More than a leasing agreement, we see this as an opportunity to play a key part in downtown’s rebirth,” said Tony Cho, Founder and CEO of Metro 1 Commercial. “Finding retail partners who bring something new and exciting to an area while staying true to its historic identity is a unique challenge, but one that inspires our entire team. We’ve had incredible results throughout neighborhoods like Wynwood and Magic City, and look forward to bringing our unique approach to MiamiCentral.”
"MiamiCentral is poised to become one of Miami’s most connected, mixed-use hubs featuring transportation, retail, residences and offices. Its status as one of the city’s most high-profile transit-oriented projects, the built-in rental units and, of course, the thousands of people already using Brightline, makes this a dynamic property with huge potential,” said Nava.
MiamiCentral represents the city’s most central, multimodal transportation center considering its proximity to I-95 within the Central Business District and several key neighborhoods including Park West, Biscayne Corridor, Arts and Entertainment District, Brickell and the Health District. In addition to its connection to Metromover and Metrorail, MiamiCentral serves as Brightline’s southern terminus featuring inter-city, express passenger rail service between Fort Lauderdale and West Palm Beach. Future mass transit expansion plans and upcoming developments—including Brightline’s Orlando service, integration of Tri-Rail’s Downtown Miami Link within MiamiCentral and the delivery of the Miami Worldcenter Marriott Marquis World Convention Center Hotel. Additionally, MiamiCentral will house Downtown Miami’s only food hall, Central Fare, set to feature unique and authentic vendors and well-crafted experiences focused on bringing food and beverage concepts that build community.
Brightline to Kick Off Service To Miami Via MiamiCentral Station May 19
Brightline will officially begin passenger service from Fort Lauderdale to Miami on May 19. Tickets are now on sale for the rail service connecting West Palm Beach to Downtown Miami, priced from $10 for Smart Service which offers 19' seats; and $15 for select service, which features 21' seats, more leg room, complimentary snacks and beverages as well as access to premium select lounge.
Brightline will officially begin passenger service from Fort Lauderdale to Miami on May 19. Tickets are now on sale for the rail service connecting West Palm Beach to Downtown Miami, priced from $10 for Smart Service which offers 19' seats; and $15 for select service, which features 21' seats, more leg room, complimentary snacks and beverages as well as access to premium select lounge. West Palm Beach to Miami is available from $15 for smart service and $25 for select service. A grand opening weekend is already nearly sold out with tickets priced from $3 to $5. Brightline MiamiCentral Station is located at 600 NW 1st Avenue and features CentralFare, a 50,000 SF food hall slated to open fall 2018 complete with Einstein's Bros. Bagels, Joe & The Juice and Starbucks.
Brightline is setting the new benchmark for travel by train in America with express inter-city passenger rail service connecting Miami, Fort Lauderdale and West Palm Beach, with future service to Orlando. Providing a travel option that lives at the intersection of transportation and hospitality, the service is expected to reduce traffic and provide South Floridians with a simple and intuitive experience from door to destination, and foster new opportunities to explore more of Southeast Florida. Brightline will be the only privately owned, operated and maintained passenger rail system in the United States.
3 MiamiCentral Completed & Welcomes Brightline, The Project’s First Office Tenant
Florida East Coast Industries has announced the completion of 3 MiamiCentral, its first mixed-use tower at MiamiCentral and has welcomed its first office tenant, Brightline. Brightline, the nation’s only privately funded inter-city, express passenger rail service, officially moved its corporate headquarters to 3 MiamiCentral
Florida East Coast Industries has announced the completion of 3 MiamiCentral, its first mixed-use tower at MiamiCentral and has welcomed its first office tenant, Brightline. Brightline, the nation’s only privately funded inter-city, express passenger rail service, officially moved its corporate headquarters to 3 MiamiCentral; additionally, HNTB, a nationally recognized infrastructure solutions firm, recently signed a lease for its Miami office. 3 MiamiCentral rises 12-stories and features 96,000 SF of rentable Class A Office Space, 35,000 SF of rentable ground level retail space and is adjacent to the MiamiCentral transit station and Two MiamiCentral. 3 MiamiCentral a seven-story parking garage to supply ample parking for Brightline guests, visitors and office tenants. Brightline’s lease encompasses approximately 24,000 SF and HNTB’s lease spans approximately 18,000 SF. Multiple retail spaces make-up the ground floor where Einstein Bros. Bagels and a major grocer. Two MiamiCentral will feature 190,000 SF of Class A Office Space with tenants including Ernst & Young, Cisneros, Moss & Associates, Venevision International Enterprises, Fortress Investment Group, Florida EAst Coast Industries and Regus. Rental rates at Two MiamiCentral are around $33 to $35 SF triple net; and $29 SF at 3 MiamiCentral
MiamiCentral, the highly anticipated hub for transportation, leisure and business, is a transformational, first-of-its-kind, transit-oriented development, spanning six Downtown Miami city blocks. It serves as the southern terminus for Brightline, the new inter-city, express passenger rail service that opened between West Palm Beach and Fort Lauderdale on January 13. The system will extend to Miami in the coming months and will ultimately connect to the Orlando International Airport. MiamiCentral will also provide connectivity to all forms of transit in Miami-Dade County, including Metromover, Metrorail and soon, Tri-Rail.
“We are excited to have recently relocated Brightline’s new headquarters to 3 MiamiCentral, which is an important component of MiamiCentral and strategically located in Historic Overtown,” said Patrick Goddard, Brightline’s President and Chief Operating Officer. “Downtown Miami continues to transform into a vibrant community, and the addition of this new urban development and passenger rail system will be critical as the city continues to develop.”
“MiamiCentral is set to raise the bar for future office environments and 3 MiamiCentral is the first new standard,” said Daniel Quintana, vice president of development for Florida East Coast Industries. “From the variety of integrated transit options to the desired lifestyle offerings just one elevator ride from the offices, the built-in amenities that come with working at MiamiCentral are truly immeasurable.”
Central Fare Food Hall Coming To MiamiCentral Announces Delayed Opening Until Spring 2018
New renderings have been released of Central Fare, the new food hall coming to MiamiCentral in Downtown Miami. Central Fare had originally planned to open in the Fall of 2017, a date which has since been delayed until the Spring of 2018 as MiamiCentral powers towards completion.
New renderings have been released of Central Fare, the new food hall coming to MiamiCentral in Downtown Miami after McKenzie was named as the executive architect and general contractor for the project. Central Fare had originally planned to open in the Fall of 2017, a date which has since been delayed until the Spring of 2018 as MiamiCentral powers towards completion. McKenzie will oversee the construction of 50,000 SF of restaurant space featuring over 20 vendors including Monger by the Voltaggio Brothers, which will be CentralFare’s signature sit-down restaurant, 800 Degrees Italian concept, Miami Smokers, Parliament Coffee, Romanico’s Chocolate and Rosetta Bakery. CentralFare will also bring in big-name chef's from both a local and national level as they aim to create a new culinary experience in Downtown Miami. MiamiCentral is an 11-acre mixed-use, live, work, play style development that will also feature All Aboard Florida express trains connecting Miami to Orlando.
“We’re excited to be a part of this beautiful, pioneering lifestyle project in the heart of Downtown Miami, which hundreds of thousands of people are expected to visit on a yearly basis,” said McKenzie firm owner and CEO Gavin McKenzie.
Renderings by AvroKO
Mast Capital and BH Group have announced Raffles Residences Coconut Grove, the brand’s first standalone residential development, with 35 homes from $4.5 million and architecture by Brandon Haw.