San Francisco Buyer Drops $49M for Wynwood Annex
By Julia Echikson March 1, 2022 1:06 pm
reprints
The building that helped put Wynwood on the map as a tech destination has traded hands.
Brick & Timber Collective has purchased the Wynwood Annex for approximately $49 million in an off-market deal.
Almost a year ago, the 70,984-square-foot building nabbed some of the first tech tenants migrating from San Francisco, venture capital firms Atomic and Founders Fund, whose leaders, Keith Rabois and Jack Abraham, have become evangelists for Miami’s tech scene.
“The pandemic accelerated the city’s evolution into a vibrant, full-service economy and a place where you can work year-round in a pro-business environment. Miami’s ‘secret’ is out and businesses and investors from high-tax states around the U.S. are taking notice,” DWTNWN Realty Advisors’ Devlin Marinoff said in a statement.
He, along with Tony Arellano, announced the sale and represented the buyer as well as the sellers, East End Capital and Related Group.
The joint venture completed the Wynwood Annex during the height of the pandemic in 2020. Six months after Atomic and Founders Fund inked their deals, the building’s 60,000 square feet of offices were fully leased. Other tenants include fintech unicorn Ramp Financial and Field Trip Health, a psychedelics company. Following the successful lease-up, the mixed-use building garnered “unsolicited offers from all over the country,” according to DWTNWN Realty Advisors.
The eight-story property, located at 215 NW 24th Street, also includes 5,000 square feet of retail on the ground floor, which remains vacant. Just across the street, Blockchain.com signed a 22,000-square-foot lease at Cube Wynwd, which will be renamed after the cryptocurrency company, in another sign of Wynwood’s appeal to the tech industry.
The Wynwood Annex sale marks Brick & Timber Collective’s first acquisition in Miami. The firm, which is also based in San Francisco, is led by Glenn Gilmore and Jesse Feldman. A representative for the company did not respond to a request for a comment.
Julia Echikson can be reached at Jechikson@commercialobserver.com.
