Pebb Capital, led by Todd Rosenberg, has acquired the Uno office building in South Beach. This purchase comes at a time when boutique financial firms are increasingly seeking offices in Miami. The seven-storey building features approximately 100,000 square feet of leasable space and 106 covered parking spaces. The property is located at 119 Washington Avenue, between First and Second Street, in the upscale South of Fifth district.
The exact sale price was not disclosed. However, property records indicate that the sum is likely to exceed $69 million, as ACORE Capital provided a loan of this amount for the acquisition. Pebb Capital could not be reached for comment. Sales documents show that a unit called Yantra 119, managed by Longstead at The Corcoran Group through Cyril Bijaoui, had owned the building since 2011. Mr Bijaoui, who manages and leases the property, also declined to comment.
The seller renovated the interiors of the building, constructed in 2002, during the COVID-19 pandemic. Earlier this month, the entity initiated a construction project to expand the office space by approximately 10,000 square feet through the conversion of a terrace. This sale is part of a broader trend in South Beach, where there is an increase in new Class A office buildings. Demand is driven by affluent executives who wish to work near their homes.
Several projects in the immediate vicinity underscore this trend. The nearby boutique building The Fifth, supported by Google billionaire Eric Schmidt, is nearing completion. This project secured a $47.3 million construction loan commitment in 2024. Hedge fund J. Goldman & Company leased 10,000 square feet there, and the Sant Ambroeus restaurant will open a 7,000 square foot branch on the ground floor. The same development team, Sumaida + Khurana and Bizzi + Bilgili, plans another luxury office project called 1100 Fifth Street across the road.
Further north in Sunset Harbour, private equity firm Ares Management opened a 10,500 square foot office in the five-storey Eighteen Sunset development, completed in 2024. Pebb Capital, a Boca Raton-based company, is strengthening its presence in Miami. Already in January, the company, together with Jeff Sutton's Wharton Properties, a well-known player in the New York retail property market, acquired a mixed-use building in the Miami Design District for $73 million.
