Blackstone Real Estate has acquired 2 & 3 MiamiCentral, a 330,000-square-foot office property in Miami. The sales price was $230 million. The seller was owner-operator Shorenstein Properties.
Located in Downtown Miami, the property is adjacent to the MiamiCentral train station. In addition to Blackstone's Technology & Innovations group, which occupies approximately 12% of the space at 2 MiamiCentral to accommodate the 200 employees it is hiring to join the technology team, the property has national, institutional tenants including Carlton Fields, Ernst & Young, New Fortress Energy and ViacomCBS. The MiamiCentral station project also houses retail and residential space, including a Publix supermarket on the ground floor of 3 MiamiCentral. The property is currently 98% occupied.
"We are pleased to have completed the sale of 2 & 3 MiamiCentral," said Claude Esposito, vice president of the Investments Group at Shorenstein. "This deal is a great example of executing on our thesis of investing in high quality properties in growing markets and adding significant value through leasing and capital improvements. We are proud to have positioned the property for future success and know that the tenants of 2 & 3 MiamiCentral are in good hands with Blackstone Real Estate."
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles.
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