Developer Robert Rivani has secured $114.3 million in refinancing for his eponymous 'Rivani' property in Miami Beach. This is a 165,170 square foot office and retail complex. BridgeInvest provided the debt from its BridgeInvest Credit Fund V. This new capital will be used to pay off existing debt of $38 million, which was used for the property's renovation and to finance leasing costs until stabilisation.
Brad Williamson, Scott Wadler, Mitch Sinberg, and Matthew Robbins of Berkadia arranged the transaction. Williamson emphasised that Robert Rivani had transformed a well-located but conventional office property into something that did not previously exist in this market segment. The rapid leasing velocity and quality of tenants demonstrated the demand for a differentiated workplace experience.
Transformation of a Traditional Office Building
The seven-storey Rivani building at 1691 Michigan Avenue comprises 119,000 square feet of office space and over 43,000 square feet of retail space. The property is currently 83 percent leased and already houses the 20,000 square foot global headquarters of Playboy Enterprises. Office and retail tenants include renowned names such as Apple, Morgan Stanley, Wix, The Jills Zeder Group, World Red Eye, and the Monarch Athletic Club.
Robert Rivani acquired the property in 2024 for $62.5 million. He subsequently integrated numerous hospitality amenities into the traditional office building. These include a full-service concierge and valet service, a spa and fitness area, a meditation room, a podcast studio, and a speakeasy-style lounge.
Future Expansion Plans
The next step for the property requires the approval of Miami Beach voters. Rivani hopes for their approval of a $50 million expansion of the property above an existing car park, which would allow him to add an additional 47,000 square feet. To make space for this addition, Rivani plans to reduce the number of parking spaces from 712 to 387. Currently, 100 of the 712 spaces are available to the public.
- —Property type: Office and retail complex
- —Location: 1691 Michigan Avenue, Miami Beach, Florida
- —Total area: 165,170 square feet
- —Current occupancy rate: 83 percent
