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| Melissa Rose |
MIAMI, FL – JLL Capital
Markets has closed the $49.5 million sale and financing
of 1688 Meridian, a boutique Class A office building along with two parking
lots in Miami Beach, Florida.
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| 1688 Meridian Avenue, Miami Beach, FL |
JLL
represented the seller, Ivy Realty, in the sale of the property to 1688
Property Owner, LLC. Additionally, JLL worked on behalf of the buyer to secure
a loan with Värde Partners for the acquisition.
 |
| Ike Ojala |
In
addition to the office tower, the sale included two land parcels at 1699 and
1709 Jefferson Ave., which are currently used as parking lots.
The
property is 81.4% leased, offering significant leasing and development upside.
1688
Meridian is positioned on a high-profile corner location at the intersection of
17th St and Meridian Ave. just steps away from Lincoln Road,
Miami Beach’s most iconic open-air pedestrian promenade.
 |
| Hermen Rodriguez |
Miami continues to attract new capital, companies and residents due to the low tax-rate environment, pro-business culture, fast growing economy, development of a tech hub and superb quality of life.
According
to JLL’s Second Quarter Office Outlook, Miami has achieved new
all-time highs for rents within the Miami CBD posting 5.6% year-over-year
growth.
 |
| Matthew McCormack |
JLL
Managing Director Melissa Rose led the Capital Markets team representing the
borrower with support from Analyst Max Lescano and Associate Jimmy
Calvo.
“1688
Meridian is a fully renovated building in the heart of world-renowned South
Beach and is experiencing record tenant demand, which generated very strong
interest from the investment community,” Ojala said.
 |
| Max La Cava |
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 3,700 Capital Markets
specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on
JLL, please visit our newsroom.
 |
| Max Lescano |
Founded in 1996, Ivy Realty is a Greenwich, CT-based real estate investment, development and management company and has acquired more than $2.4 billion in assets and currently has a portfolio exceeding six million square feet of office, industrial, residential and retail properties.
Ivy invests on behalf of institutional, discretionary funds in value-added investments in the Northeast U.S., Southeast Florida and Colorado.
About Värde Partners
Värde Partners is a leading global alternative investment firm with roots in credit and distressed. Founded in 1993, the firm has invested $80 billion since inception and manages $15 billion on behalf of a global investor base.
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| James (Jimmy) Calvo |
Värde employs approximately 300 professionals worldwide with offices in Minneapolis, New York, London, Singapore and other cities in Asia and Europe.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management.
JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities.
CONTACT:
Kristen Murphy
JLL Senior Manager
Public Relations
Phone: +1 617 848 1572
Email: Kristen.Murphy@am.jll.com
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