Real Estate
Home›Real Estate›Commercial›Pebb Capital buys South Beach Uno office building for…
Pebb Capital buys South Beach Uno office building for at least $69M
The seven-story property at 119 Washington Avenue totals about 100,000 square feet of leasable space and includes 106 covered parking spots.
Commercial Observer reports that Pebb Capital, led by Todd Rosenberg, has purchased the Uno office building in South Beach, Miami, amid growing competition among boutique financial firms for local office space.
The seven-story building at 119 Washington Avenue between First and Second streets offers about 100,000 square feet of leasable space and 106 covered parking spots. The sale price was not disclosed, but property records cited by the outlet suggest it is likely above $69 million because Acore Capital provided a loan for that amount.
Property records also show that an entity named Yantra 119, managed by Longstead at The Corcoran Group, owned the building since 2011. The seller renovated the interiors during the pandemic, and earlier this month the entity launched a conversion project to add about 10,000 square feet of office space by converting a terrace.
The purchase comes as South Beach sees an uptick in new Class A office construction driven by demand from executives who want to work near home. Commercial Observer notes nearby projects including The Fifth, backed by Eric Schmidt, and Ares Management’s opening at Eighteen Sunset, and adds that in January Pebb Capital bought another Miami property, a mixed-use building in the Design District for $73 million with Wharton Properties.