Strong demand drives $52.5M sale of Miami Beach mixed-use asset

MIAMI, Apr. 11, 2022 – JLL Capital Markets announced today that it has closed the $52.5 million sale of 555 Washington, a boutique, mixed-use asset totaling 65,746 square feet of office and retail space in Miami Beach, Florida.

JLL represented the seller, a joint venture between East End and BentallGreenOak, and procured the buyer, a partnership between Greenmont Group and Davis.

555 Washington has an unparalleled location at the corner of Washington Ave. and 5^th St. just a few blocks from South Beach. It is conveniently positioned near the MacArthur Causeway providing access to the greater Miami metro area and is considered one of the most accessible Class A office buildings on Fisher Island. In addition, 555 Washington serves as the primary office property for residents of the affluent South of Fifth neighborhood.

Renovated in 2015, 555 Washington offers 44,516 square feet of creative office space boasting open floor plans and exposed ceilings alongside 21,230 square feet of ground floor retail space. Overall, the property is 82% leased to 11 diverse tenants, including CVS Pharmacy, Wells Fargo and Warner Music Group. 555 Washington also includes a six-story, 243-space parking garage that provides significant and steady revenue to the property.

The JLL Capital Markets team representing the seller was led by Senior Managing Director Hermen Rodriguez, Managing Director Ike Ojala and Director Matthew McCormack.

“Miami is witnessing exceptional demand and is leading the way in the U.S. for office leasing activity,” McCormack said. “We had a wide variety of both domestic and international interest in 555 Washington as a result of the quality of the asset and the appeal of the greater Miami commercial real estate market.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.

BentallGreenOak is a leading, global real estate investment management advisor and a globally recognized provider of real estate services. BentallGreenOak serves the interests of more than 750 institutional clients with expertise in the asset management of office, industrial, multi-residential, retail and hospitality property across the globe. BentallGreenOak has offices in 27 cities across thirteen countries with deep, local knowledge, experience, and extensive networks in the regions where we invest in and manage real estate assets on behalf of our clients in primary, secondary and co-investment markets. BentallGreenOak is a part of SLC Management, which is the institutional alternatives and traditional asset management business of Sun Life. For more information, please visit bentallgreenoak.com.

East End Capital (eastendcap.com) is a vertically integrated owner, operator and manager of commercial, residential, retail and studio properties located in New York, South Florida and Los Angeles. The firm, which has strong architecture, design, construction and asset management expertise, generates real NOI growth by transforming existing assets and developing new cutting-edge properties. East End was founded by Jonathon Yormak and David Peretz who together have acquired and operated in excess of 25 million square feet of property valued at over $13 billion. Since inception, East End has purchased over two million square feet of assets with a total capitalization in excess of $2.0 billion. 

Greenmont Group is a real estate investment management firm, co-founded by Eyal Greenberg and Josh Honig, that focuses on owning and operating real estate throughout the United States. 

Davis is a vertically integrated real estate investment, development and management firm headquartered in Boston that has invested $10 billion in gross asset value through real estate equity, debt and fixed-income securities. A combination of capital markets, development and management expertise allows Davis to nimbly tackle complex opportunities. Directly, and with its valued partners, Davis currently owns a real estate portfolio of approximately 11.8 million square feet of office, healthcare and life science, industrial, retail and hospitality properties and over 4,000 residential units across the United States. For further information, visit: theDaviscompanies.com.