East End Capital and GreenOak Real Estate acquired an office and retail building at one of the most prominent intersections in South Beach for $38 million.
EOSII at 555 Washington LLC, managed by KBS Realty Advisors in Newport Beach, California, sold the four-story building at 555 Washington Ave., at the corner of Fifth Street, to a joint venture between East End Capital and GreenOak Real Estate. The building has 45,959 square feet of office space, 21,061 square feet of retail, and 243 parking spaces.
Christian Lee and Jose Lobon of CBRE brokered the deal. CBRE’s Amy Julian, Marcos Minaya and Andrew Chilgren helped the buyer obtain financing from Mesa West Capital.
Developed on the 39,911-square-foot site in 2001, the building last traded for $30 million in 2007.
Both buyers have experience locally. East End Capital developed Wynwood Annex, its building Wynwood 25, and it owns the 100 Biscayne Blvd. office tower. GreenOak previously built and sold the Thompson Hotel in Miami Beach.
“Our team is excited to acquire one of the best office buildings on Miami Beach,” East End Capital founder and managing principal David Peretz said. “With new hotels opening immediately next door and the South of Fifth neighborhood continuing to thrive, 555 Washington sits exactly where tenants want to be.”
The building at 555 Washington Ave., Miami Beach, has 45,959 square feet of office space, 21,061 square feet of retail, and 243 parking spaces.
The office space there is 85 percent leased with tenants such as Warner Music Group, Alacran Records, SKCP Fund Management, CVS and Wells Fargo. There’s also 7,700 square feet of retail available for lease.
“The property is ideally located at the crossroads of Fifth Street and Washington Avenue, only two blocks west of world-famous Ocean Drive and Miami’s white-sand beaches,” Lee said. “This is truly a ‘Main & Main’ location, as Washington Avenue represents the primary north/south roadway on the east side of South Beach, and Fifth Street is the primary entrance to South Beach from the mainland, via MacArthur Causeway.”
The buyers tapped Steven Hurwitz of CREC and Zach Winkler of JLL to lease the building.