Miami Beach Office Building Listed For $45 Million

Amid an upswing in Miami’s office market, a Class A office building in Miami Beach’s South of Fifth neighborhood recently hit the market for $45 million. The 43,140-square-foot property is located at 119 Washington Avenue, near Joe’s Stone Crab and Prime 112.

Amit Egan Datwani, founder & chief consultant of The Global Consulting Organization, is listing the property along with Cyril Bijaoui of The Company Real Estate. Miami-Dade property records show the building, known as The Yukon, was developed in 2002 by Yantra 119 LLC, a company managed by Giulio Rangoni and Cinzia Zanella.

Datwani said The Yukon boasts one of the highest office rents in Florida at $78 a square foot. In addition to its prime location, The Yukon Miami features more than 8,000 square feet of available rooftop terrace space with 360-degree views of the Atlantic Ocean, Miami Beach, and Downtown Miami.

“The Yukon Miami is the ideal opportunity for a visionary investor that understands this and has the ability to transform the property from a trophy asset to an absolute gem,” Datwani said.

Anchor tenants include One Sotheby’s International Realty, Red Steakhouse, real estate investment company W5 Group and several heavy-weight financial companies, including Boston-based Raptor Capital Management, Manhattan-based York Capital Management, and Sero Capital.

While Miami Beach, along with emerging areas such as the Wynwood Arts District and Miami Design District, has long appealed to creative and entrepreneurial tenants, these neighborhoods are becoming viable options for family offices and other financial services firms, according to a Q4 2019 Miami-Dade office insight report by JLL.

The Miami Beach submarket’s total vacancy rate in Q4 2019 was 9.7%, the lowest outside of Miami’s central business district, which includes downtown Miami and Brickell, per the JLL report. The vacancy rate also improved by 2% compared to Q4 2018. JLL found that there is string demand in Miami Beach fueled by the finance industry, which accounts for 52% of the city’s office market.

Across Miami-Dade, office rented appreciated, growing by 5.4% to $43.40. Buildings near Miami International Airport recorded the highest rent increases, including 5505 Waterford and Flagler Corporate Center. Both buildings saw rents rise by nearly 14%.

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