South Florida Office Leased to Carl Icahn and Jared Kushner Secures Refinancing
By Julia Echikson June 19, 2024 2:31 pm
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The Sunny Isles Beach, Fla., office building that’s home to Jared Kushner and billionaire Carl Icahn secured $42 million in refinancing, property records show.
The debt from Ocean Bank covers J. Milton & Associates’s Milton Towers, a 13-story office building. The Coral Gables-based developer completed the structure four years ago.
The 246,168-square-foot building — which hosts a $1.6 million, 18-foot-tall sculpture by Spanish artist Manolo Valdés, called Mariposas — features 102,000 square feet of office space. It’s just one block from the beach at 16690 Collins Avenue, adjacent to Sunny Isles Boulevard.
In 2020, Icahn, the activist investor, relocated his conglomerate Icahn Enterprises from New York to Milton Towers after signing a 23,000-square-foot lease. Kushner later joined, installing his investment firm Affinity Partners on the ninth floor.
But other tenants are departing. Real estate lender Dwight Capital, which established a 4,000-square-foot headquarters at Milton Towers earlier this year, is moving to Terra’s The Well mixed-use development in Bay Harbor Islands, where it signed a 23,000-square-foot lease.
A representative of J. Milton & Associates could not be reached for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
