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Pebb Capital buys Uno office building in South Beach for Miami expansion
The seven-story property at 119 Washington Avenue totals about 100,000 square feet of leasable space, with a construction project underway to add roughly 10,000 square feet.
Commercial Observer reports that Todd Rosenberg’s Pebb Capital has purchased the Uno office building in South Beach, Miami, as boutique financial firms seek local office outposts.
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 provided, but property records suggest it is likely above $69 million because Acore Capital provided a loan for that amount.
According to Commercial Observer, an entity named Yantra 119, managed by Longstead at The Corcoran Group’s Cyril Bijaoui, has owned the building since 2011. During the pandemic, the seller renovated the interiors of the 2002-built structure, and earlier this month the entity began a construction project to add about 10,000 square feet by converting a terrace.
The purchase comes as South Beach sees an uptick in new Class A office space, supported by demand from wealthy executives seeking to work near home. Commercial Observer also cited nearby projects, including The Fifth, nearing completion after securing a $47.3 million construction loan in 2024, and office openings such as Ares Management’s 10,500-square-foot space at Eighteen Sunset that was completed in 2024.