RFR secured a $101 million refinancing for 100 Biscayne Boulevard, a 30-story, 317,000-square-foot office building in downtown Miami.
Newmark arranged the loan from Derby Lane Partners and Axonic Capital on behalf of New York-based RFR, according to the broker. The brokerage team included Jordan Roeschlaub, Nick Scribani, Adam Spies and Josh King.
In February, TRD reported that the building, which sits across from Bayfront Park, was listed for sale at $130 million, or $419 per square foot. RFR, led by Aby Rosen and Michael Fuchs, bought the property for $90 million in January 2022. At the time of its purchase, RFR obtained a $67.8 million loan from an Australian lender for the tower and later re-assigned the debt to MSD Partners (now called BDT & MSD Partners), bumping it up to $107.4 million, according to records.
RFR is planning a nearly 1,000-foot supertall with condos, a hotel and amenities on a 2.2-acre assemblage adjacent to 100 Biscayne. The project is planned for RFR’s properties at 130 and 136 Biscayne Boulevard and 141 Northeast Third Avenue.
The firm has repositioned 100 Biscayne as a boutique Class A office property, completing interior renovations and structural repairs, leasing 248,000 square feet and boosting occupancy from less than 60 percent to 90 percent, according to Newmark. The building’s tenants include eyewear giant Luxottica, architecture firm Zyscovich, engineering firm DeSimone and billionaire luxury brand mogul Bernard Arnault’s LVMH, which renewed its 34,000-square-foot lease on five floors for a seven-year term.
Newmark said there is still room for RFR to boost the property’s value, with opportunities to raise rents as below-market leases roll over. The Class A vacancy rate in the downtown urban core submarket was 17 percent in the third quarter, with average asking rates of $85.60 and 13.6 million square feet of inventory, according to Colliers.
Office sales and rents tend to be higher in nearby Brickell, where Peter Thiel’s family office leased more than 18,000 square feet at the recently completed 830 Brickell for $250 per square foot, while space at 801 Brickell is listed for $400 million, with both setting county records.
The downtown area has seen more investment across retail, residential and hospitality in recent years. The recently completed Miami Worldcenter has leased much of its 300,000 square feet of retail space. The InterContinental Miami sold last month to Gencom and White Bridge Capital for $300 million. And PMG’s Waldorf Astoria Residences, a supertall condo and hotel tower set to become one of the tallest residential buildings south of New York City and backed by a previous record-setting $668 million construction loan, is among several residential projects in the pipeline.
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