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East End and GreenOak buy 555 Washington office building

East End and GreenOak buy 555 Washington office building

555 Washington Avenue and David Peretz

East End Capital and GreenOak Real Estate just picked up a Miami Beach office building for $38 million.

Property records show EOSII at 555 Washington LLC, a company tied to KBS Realty Advisors, sold 555 Washington Avenue. The building, designed by Arquitectonica, has about 44,000 square feet of Class A office space, 22,000 square feet of ground floor retail and a 243-space parking garage, according to a press release.

Christian Lee and José Lobón of CBRE brokered the sale.

Tenants include Warner Music Group, Alacran Records, SKCP Fund Management, CVS and Wells Fargo. The office component is about 85 percent leased. Office and retail leasing will be handled by CREC’s Steven Hurwitz and Zach Winkler of JLL, respectively.

KBS paid $30 million for the building in 2007, according to property records. A spokesperson for the investment adviser was not immediately available for comment.

The deal marks the first for East End in Miami Beach, said David Peretz, founder and managing principal. “We’ve been looking to buy something in Miami Beach for a long time,” he said. “We’re extremely bullish on the office market in Miami Beach given the limited supply of office product.”

East End and GreenOak financed the deal with a loan from Mesa West.

New York-based Imperial Companies recently secured a construction loan for the property next door where ex-Vornado CEO Michael Fascitelli and his partner are planning a 300-key hotel.

Peretz said his company is looking to buy more in Miami Beach and other top submarkets in the county. In 2016, East End paid $84 million for the New World Tower at 100 Biscayne Boulevard in downtown Miami. It’s also active in Wynwood.

Source:: The Real Deal