Boca Raton-based Pebb Capital, in partnership with Sabal Investment Holdings and Paceline Equity Partners, has acquired the Uno South Pointe office building in Miami Beach for more than $70 million. The deal underscores the growing interest in South Beach as a premier destination for boutique office space and corporate headquarters.
Key takeaways
- The property, located at 119 Washington Avenue, is nearly 97 percent leased.
- A $69 million loan from ACORE Capital financed the acquisition.
- The new owners plan to complete a 10,100-square-foot penthouse expansion.
Investment strategy and property details
The Uno South Pointe building, originally known as The Atlantic Center, spans approximately 97,500 square feet. Completed in 2002, the seven-story structure occupies a prime 0.5-acre lot. The acquisition was supported by a $69 million loan provided by ACORE Capital. Current tenants include high-profile firms such as ONE Sotheby’s International Realty, J. Goldman & Company, and Gates Capital Management. The new ownership group intends to finalize a planned 10,100-square-foot penthouse addition, which features extensive outdoor terraces and is expected to be completed early next year.
Transforming the South Beach office market
This acquisition marks a significant milestone in the ongoing evolution of the South of Fifth neighborhood. For years, local officials and developers have worked to transition the area from a nightlife-heavy district into a sophisticated office hub. Other notable projects, such as The Fifth Miami Beach and the renovation of The Rivani building, highlight the area’s increasing appeal to national tenants. Pebb Capital continues to expand its footprint in South Florida, building on previous investments in the Miami Design District and Delray Beach.
Sources
- Pebb Capital Buys South Beach Offices for Over $70 Million, The Real Deal.