NGKF Sells $80M Miami Office HQ
The 110,000 square feet of office space are currently leased to LNR Partners.
By Adina Marcut
1601 Washington Ave., Miami
Miami—NGKF Capital Markets recently announced the $80 million sale of Lincoln Place, a single-tenant office headquarters located in South Beach. NGKF Capital Markets Executive Managing Director Michael Lapointe, Managing Director Michael Lohmann, and Associate Director Clay Sidner, represented the buyer, NG 1601 Washington Ave. LLC. Chris Lee of CBRE represented the seller, Cousins Properties Inc., an Atlanta-based real estate investment trust, in the transaction.
Located at 1601 Washington Ave., the property has access to a hotel, shops and restaurants along Lincoln Road. The eight-story, Class A building features more than 110,000 square feet of office space, 30,000 square feet of retail space and 500 parking garages. The building is currently single- tenant leased to LNR Partners as part of a sale leaseback they completed in 2006.
Parkway Properties, which merged with Cousins in October 2016, purchased the property in 2013 for $66 million.
“This transaction reflects the consistent demand for core assets within Miami Beach with long-term redevelopment value,” Lapointe said in prepared remarks. “Over the past 18 months, our buyer was able to achieve an excellent value by working through this complex transaction, including a ground lease with the City of Miami Beach.”
Image via Google Street View
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