RFR Realty has listed its 30-story office tower, 100 Biscayne, in downtown Miami for approximately $130 million. The building, located at 100 Biscayne Boulevard, offers about 310,000 square feet of space and is being marketed by a Newmark team led by Adam Spies and Adam Doneger. Newmark did not comment on the listing.
The asking price comes to $419 per square foot. RFR, headed by Aby Rosen and Michael Fuchs, acquired the tower and an adjacent garage for $81.1 million in 2022. The garage is not included in the current sale; it forms part of a larger planned development where RFR intends to build a nearly 1,000-foot supertall structure with condominiums, a hotel, and amenities across nearby properties at 130 and 136 Biscayne Boulevard as well as 141 Northeast Third Avenue.
After purchasing the property in 2022, RFR obtained a $67.8 million loan from an Australian lender for the tower before transferring the debt to MSD Partners—now BDT & MSD Partners—and increasing it to $107.4 million.
Previously, East End Capital led a partnership that sold the building to RFR following litigation between East End and its Australian investment partner. East End had bought the property for $84 million in 2016.
Since acquiring the building, RFR completed several capital improvements including interior renovations and structural repairs. AJ Camhi, executive vice president and director of leasing at RFR, stated: “The firm brought its New York sensibility in the renovations and included sought-after amenities while preserving upside for the next owner.”
These efforts increased occupancy from 60 percent to 92 percent. Recent leases include Independence Pet Holdings taking an 8,000-square-foot space for ten years and LVMH renewing its five-floor lease of 34,000 square feet for seven years.
Mindspace signed a ten-year lease for three floors totaling over 31,200 square feet in 2023. Other tenants added or renewed since 2022 include Alliance Française Miami Metro (2,100 square feet), Spectorgroup (1,600 square feet), J.T. Magen & Company (1,600 square feet), Bahamas Consulate General of Miami (renewed and expanded), and Zyscovich (nearly 26,000 square feet).
Office investment sales have been recovering in South Florida after slower activity during periods of higher interest rates through 2023 and into early 2024; some properties are still trading at modest gains or discounts while others face foreclosure proceedings.
In terms of market performance across South Florida’s tri-county region: total office investment sales reached $2.2 billion last year—higher than both $2.1 billion recorded in early-2024 data as well as $1.3 billion seen in all of 2023 but below the peak level of $4.6 billion achieved during strong demand from incoming firms in 2021 according to CBRE.
Among notable transactions last year was Amancio Ortega’s purchase of Miami’s Sabadell Financial Center for $274.4 million.
