Goldman Sachs Lends $51M to Refi Suburban Miami Office

Even as new, shiny Class A office buildings in South Florida’s urban centers have become the most sought-after office asset class in this post-pandemic, work-from-home world, some old, suburban properties continue to stay afloat and land financing — including Dadeland Centre I and II in the southern end of Miami-Dade County.

The Green Companies secured a $51 million, 10-year fixed-rate loan from Goldman Sachs for the office component of the Dadeland South Metro Rail complex, according to JLL, which brokered the transaction. 

The 18-story Dadeland Centre I includes 129,625 square feet of office space and 406 parking spots, while the 15-story Dadeland Centre II houses 112,973 square feet of office space and 250 parking spaces at 9155 and 9150 South Dadeland Avenue. (The Metro Rail complex also includes a Marriott hotel, which is owned by MDM Group USA.) 

Dadeland Centre I and II’s new financing can be attributed to the “direct access to mass transit, immediate access to executive housing and highly dedicated hands-on ownership,” JLL’s Paul Stasaitis said in a statement. 

Together, the buildings are about 93 percent leased, with tenants that include metal supplier Steel Group as well as law firms Fields Howell and Cole, Scott & Kissane. The Green Companies completed the buildings in 2003 and 2008 after securing a ground lease from Miami-Dade County

As remote work persists following the pandemic, lenders have typically shied away from old, lower-tier buildings and have flocked to new Class A offices. In July, Tyko Capital loaned $565 million for 830 Brickell, Miami’s first stand-alone office tower in over a decade. The 57-story property, which set pricing records within the city, landed several high-profile tenants, including Microsoft and Citadel. 

Julia Echikson can be reached at jechikson@commercialobserver.com.