Blackstone Nabs $154M to Refi Downtown Miami Office Complex

Real estate behemoth Blackstone has secured $154 million to refinance the 2 and 3 MiamiCentral office complex in Downtown Miami, where it operates its own office.

CIM Group’s private credit fund provided the financing for the 339,000-square-foot, two-building property, which is connected to the MiamiCentral station at 700 Northwest MiamiCentral Avenue and 161 Northwest Sixth Street, the lender announced. Eastdil Secured brokered the transaction.

Blackstone purchased the asset for $230 million in 2021 after the private equity giant signed a 41,000-square-foot office lease. Last year, Uber doubled its footprint to 26,000 square feet at the property. 

2 MiamiCentral features a 17‑story tower that houses 196,000 square feet of rentable office space and 5,000 square feet of amenities. 3 MiamiCentral is a 12‑story building with 105,000 rentable square feet of office space, 33,000 square feet of retail space, and 1,357 parking spaces. Both were completed in 2018.

The refinance comes less than a month after Los Angeles-based CIM Group sold off the 270,000-square-foot retail component of the nearby Miami Worldcenter master development for $210 million. The investor served as one of the master developers of the 27-acre, $6 billion project.

Representatives for Blackstone did not immediately respond to a request for comment.

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