1688 Meridian and Two Parking Lots Sell for $49.5 Million

Susan Askew
Susan Askew

1688 Meridian and Two Parking Lots Sell for $49.5 Million:

Fully renovated building is located just off Lincoln Road

1688 Meridian, a boutique Class A office building just a block off Miami Beach’s Lincoln Road, and two parking lots have sold for $49.5 million. The ten-story office building (above right) with ground floor retail was renovated in 2019 and is 81.4% leased. The two surface parking lots are located at 1699 Meridian which is adjacent to the office tower and 1709 Jefferson Avenue, located across the street.

JLL Capital Markets represented seller Ivy Realty. The buyer is 1688 Property Owner LLC which, according to Sunbiz, is managed by Ophira Cukierman of Scarsdale, New York. Cukierman is Founder and Principal of Greenacres Management which reportedly handles U.S.-based acquisitions for a German family office. The purchase was financed through a loan from Värde Partners.

“1688 Meridian is a fully renovated building in the heart of world-renowned South Beach and is experiencing record tenant demand, which generated very strong interest from the investment community,” JLL Capital Markets Managing Director Ike Ojala said.

According to Miami-Dade County property records, Ivy Realty purchased the building in July 2016 for $48,750,000. Among the current tenants is the workspace company Regus which has 69 private offices, 35 coworking desks, and 4 meeting rooms in the building.


 

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