Thursday, June 08, 2006

NY Buyer’s $60M Takes 140,000-SF Office

MIAMI-New York-based Andalex Group has acquired Lincoln Place, a 140,000-sf class A office building at 1601 Washington Ave. in South Beach. The property is the headquarters of real estate and finance company LNR Property Corp.

Lincoln Place is an eight-story office building designed by Coral Gables-based architect Nichols Brosch Sandoval which was completed in 2002. It contains 111,000 sf of office space, 29,000 sf of retail space and an attached five-story parking garage with more than 500 spaces. Financing for the transaction was provided by Wachovia Securities.

Andalex vice president and CIO Andrew Silverman tells that the building’s location is among reasons the company acquired it. “It’s a fairly new building, class A space, in a good location of South Beach,” Silverman says. “We truly believe the location will get better over time.” The stable leasing environment was another factor that drew Analex to the property. LNR has a 15-year lease for the space, but the company believes the strong location will attract tenants over an even longer time period.
This is the company’s first acquisition in Florida. “We like South Beach and we like the Miami office market. We’ve always been looking for a property in Florida and this opportunity presented itself,” Silverman says. He adds that the company is actively looking for more acquisition opportunities in the South Beach area.

The Andalex Group was founded in 1989 and specializes in the acquisition, development, construction management of all property types. The firm’s portfolio includes more than 4.5 million sf of space including the 400,000-sf 101 Avenue of the Americas in Lower Manhattan, Sylvan Corporate Center in Englewood Cliffs, NJ and Arris Lofts in Long Island City, NY.

“Lincoln Place is an extraordinary asset with a marquis tenant. This investment is a demonstration of our belief in the future of unique commodities, like South Beach, to offer unparalleled lifestyle. This market’s potential offers opportunities which extend well beyond the 15-year lease term,” Silverman says.

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