545Wyn Office in Miami Refinances With $135M From Blackstone
By Julia Echikson January 6, 2022 2:02 pm
reprints
A shiny Wynwood office building has refinanced, scoring $135 million from Blackstone (BX), property records show.
545wyn, completed in 2020, is among the newest crop of Class A office buildings in Wynwood, a Miami neighborhood popular for housing the city’s growing tech scene.
The developer, Chicago-based Sterling Bay, first secured an $81 construction loan from Bank OZK (OZK) in 2018 shortly after assembling the 49,000-square-foot parcel for $18.9 million, per records.
Sterling Bay drew down $47 million of the $81 million total, which remains outstanding, according to the mortgage documents. The remaining $34.1 million was never disbursed.
Now Blackstone, under the affiliate Husky Finco LLC, assumed the $47 million from Bank OZK and loaned an additional $88.1 million to Sterling Bay, bringing the financing’s total to $135 million.
Located near I-95, 545wyn sits between 26th and 27th Streets along 5 NW Avenue. The office building holds 298,000 square feet of creative offices as well as 26,340 square feet dedicated to retail space on the ground floor.
The property is 16 percent leased with another 29 percent “in progress,” according to a Sterling Bay spokesperson. The developer is also in “active discussions” with several other office and retail tenants, but wouldn’t comment further.
Last year, Slalom, a $2.4 billion consultant firm headquartered in Seattle, signed for half a floor, or approximately 8,000 square feet. Other tenants include beverage giant Anheuser-Busch and architecture heavyweight Gensler as well as the Love Life Café, among others.
Wynwood boasts some of the highest rental rates in the Magic City for Class A offices. During the fourth quarter of 2021, the asking rent in both Wynwood and the nearby Design District stood at $59.38 per square foot, according to data from brokerage Colliers.
Julia Echikson can be reached at Jechikson@commercialobserver.com.
