JLL arranges $49.5M sale and financing of creative office building in Miami Beach
JLL Capital Markets led sale and financing efforts for 1688 Meridian and two parking lots
MIAMI – August 30, 2021 – JLL Capital Markets announced today that it has closed the $49.5 million sale and financing of 1688 Meridian, a boutique Class A office building along with two parking lots in Miami Beach, Florida.
JLL represented the seller, Ivy Realty, in the sale of the property to 1688 Property Owner, LLC. Additionally, JLL worked on behalf of the buyer to secure a loan with Värde Partners for the acquisition.
Renovated in 2019, 1688 Meridian is a 10-story, 88,419-square-foot office tower with ground floor retail space fronting Meridian Ave. and 17th St. In addition to the office tower, the sale included two land parcels at 1699 and 1709 Jefferson Ave., which are currently used as parking lots. The property is 81.4% leased, offering significant leasing and development upside.
1688 Meridian is positioned on a high-profile corner location at the intersection of 17th St and Meridian Ave. just steps away from Lincoln Road, Miami Beach’s most iconic open-air pedestrian promenade. The property is surrounded by numerous amenities, including the Lincoln Eatery, Miami Beach Convention Center, Sunset Harbour, New World Symphony, The Filmore and countless restaurants, major retailers and luxury hotels.
Miami continues to attract new capital, companies and residents due to the low tax-rate environment, pro-business culture, fast growing economy, development of a tech hub and superb quality of life. According to JLL’s Second Quarter Office Outlook, Miami has achieved new all-time highs for rents within the Miami CBD posting 5.6% year-over-year growth.
The JLL Capital Markets team representing the seller was led by Managing Director Ike Ojala, Senior Managing Director Hermen Rodriguez, Director Matthew McCormack with support from Associate Max La Cava.
JLL Managing Director Melissa Rose led the Capital Markets team representing the borrower with support from Analyst Max Lescano and Associate Jimmy Calvo.
“1688 Meridian is a fully renovated building in the heart of world-renowned South Beach and is experiencing record tenant demand, which generated very strong interest from the investment community,” Ojala said.
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 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Ivy Realty
Founded in 1996, Ivy Realty is a Greenwich, CT-based real estate investment, development and management company and has acquired more than $2.4 billion in assets and currently has a portfolio exceeding six million square feet of office, industrial, residential and retail properties. Ivy invests on behalf of institutional, discretionary funds in value-added investments in the Northeast U.S., Southeast Florida and Colorado. For more information, visit ivy-realty.com.
About Värde Partners
Värde Partners is a leading global alternative investment firm with roots in credit and distressed. Founded in 1993, the firm has invested $80 billion since inception and manages $15 billion on behalf of a global investor base. The firm’s investments span corporate and traded credit, real estate and mortgages, private equity and direct lending. Värde employs approximately 300 professionals worldwide with offices in Minneapolis, New York, London, Singapore and other cities in Asia and Europe. For more information, visit varde.com.