Related Group Sells Former Riverfront HQ in Miami for $24M
After sitting on the market for more than a year, The Related Group’s former headquarters in Downtown Miami sold for $24 million this week.
The developer, led by father Jorge and son J.P. Pérez, put the five-story riverfront building for sale in late 2019, the South Florida Business Journal reported. The company has since relocated to its new base at 2850 Tigertail in Coconut Grove, which completed construction in March 2021.
The buyer, Mexican company Zentrix Industries Ltd., scored a $12 million loan from Apollo Bank, the bank announced.
Situated along the Miami River at 315 South Biscayne Boulevard, the 35,000-square-foot building holds two floors of office space, one floor of restaurant space previously occupied by Wolfgang’s Steakhouse, as well as two floors of parking space. It was built in 2006, property records show.
The office and restaurant spaces are vacant and looking for tenants, according to brokerage CBRE, which announced the sale and is handling the leasing.
The Related Group is Miami’s leading condo developer, having developed $40 billion worth of inventory since its inception in 1979, according to the company.
CBRE’s David Wigoda and Sean Kelly, who represented the seller, did not immediately respond to requests to comment.