Office building in Miami Beach’s South of Fifth neighborhood trades

MIAMI, August 4, 2022 – JLL Capital Markets announced today that it has closed the sale of 429 Lenox Avenue, a 43,500-square-foot office building in Miami Beach’s exclusive South of Fifth neighborhood.

JLL represented the seller, Goddard Investment Group, and procured the buyer, Azora Exan, a Miami-based real estate fund manager.

429 Lenox Ave. was completed in 2005 and is fully leased a co-working provider. The property features modern workspaces and community areas, an expansive roof deck and an 80-space parking garage.

The Azora Exan acquisition was led by Managing Partner, Ignacio Gil-Casares and Vice President, Arturo Vinueza.

“With the acquisition of 429 Lenox Avenue we continue with the strategy of buying well-located boutique office buildings in Miami and other core markets within the U.S., for our investors that are seeking wealth preservation,” said Ignacio Gil Casares, Managing Partner at Azora Exan. “This is our second office transaction in Miami Beach in less than a year and are excited to continue growing our portfolio.”

With direct frontage on Fifth Street, the building is prominently positioned at the entrance to South Beach and the South of Fifth district, which is considered one of the most exclusive neighborhoods in the country alongside Beverly Hills, Palm Beach and the Upper East Side of Manhattan. It has long been on the radar of the international elite with luxury residential condominiums pricing up to $30+ million and is highly amenitized with retail stores and nationally recognized restaurants such as Joe’s Stone Crab, Carbone, Prime 112, Papi Steak, Nikki Beach, Smith & Wollensky and more.

Miami Beach continues to benefit from the in-migration of residents and is currently home to more than 92,000 residents. According to JLL’s Q2 2022 Miami Office Outlook, asking rents continue to soar and 2022 is on track to the be the strongest year for the Miami office market post-pandemic.

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

“South Beach is a global destination that has seen unprecedented wealth and corporate in-migration, driving high office demand and rent growth, resulting in strong investor interest in office buildings there,” 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 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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