East End Capital has closed on the $84 million purchase of 100 Biscayne Boulevard, the Downtown Miami office building historically known as the New World Tower.
The 310,000-square-foot office tower offers a premium location in Miami’s Central Business District, with unobstructed views of Bayfront Park and Biscayne Bay. The purchase — and planned property improvements — adds to the resurgence of Downtown Miami.
“In the last few years, Downtown Miami has seen a dramatic transformation into a vibrant urban center that we are proud to be a part of,” said Jonathon Yormak, founder and managing principal of East End Capital, which recently completed construction of the progressive shopping and dining experience Wynwood Arcade and received city zoning approvals on mixed-use residential and retail development Wynwood 25.
“The shift in Miami’s downtown demographics to mostly highly educated, full-time residents speaks to the need for the more creative and amenity-rich office space that we will offer at 100 Biscayne,” Yormak said.
As part of the plan for the 30-story tower, which was Miami’s tallest building when it was constructed in 1963, East End will invest over $10 million in renovations to reposition it as the office building of choice for tech and creative tenants in Miami. Currently the building is over 80 percent occupied, with a diverse tenancy representing architecture, media, luxury goods, law and telecommunication industries.
Among current tenants are respected architecture firm Zyscovich Architects and global luxury brand LVMH.
Renovations will include upgrades to the lobby, streetscape façade, garage, common corridors and bathrooms, as well as a new amenity space for tenants that will include a conference and fitness center. East End also will implement a pre-built program which will feature move-in-ready office suites with exposed ceilings, flexible work space, open kitchens and best-in-class fiber connectivity. The building offers 11,000-square-foot floorplates, suitable for smaller tenants.
Gordon Messinger, managing director at Cushman and Wakefield, will handle the office leasing.
For more information about East End Capital visit www.eastendcap.com or call 786-258-2649.