Blab Business
Pebb Capital Acquires Miami Beachs Uno South Pointe Office Building for Over $70 Million
Pebb Capital, a Boca Raton‑based investment firm, purchased the Uno South Pointe office building at 119 Washington Avenue in Miami Beach for a price that exceeded $70 million, according to records obtained by The Real Deal. The transaction was financed with a $69 million loan from AOC II Mortgage, a lender linked to New York‑based ACORE Capital.
The building, originally named The Atlantic Center, was completed in 2002 on a 0.5‑acre lot. It rises seven stories and contains approximately 97,500 square feet of office space. A 10,100‑square‑foot penthouse addition, designed by Gigi Alvarez, is slated for completion early next year. The property also offers more than 10,000 square feet of outdoor terraces.
Uno South Pointe is reported to be 97 percent leased, with a single vacancy. Current tenants include ONE Sotheby’s International Realty, investment adviser Thomas J. Herzfeld Advisors, New York‑based hedge fund J. Goldman & Company, and alternative asset manager Gates Capital Management. The building underwent a renovation last year led by Batisela+Tom, which reinterpreted the original design by Arquitectonica.
Leasing activity is managed by Cyril Bijaoui of Longstead Real Estate at The Corcoran Group, who declined to comment on the sale. The seller was an entity named Yantra 119, which has historically obscured the identity of its previous owners.
The purchase is part of a broader trend in South Beach, where developers and investors are positioning the area as a serious office market. South of Fifth, the neighborhood surrounding Uno South Pointe, has seen a wave of boutique office projects, including The Fifth Miami Beach and the six‑story Rivani building at 1691 Michigan Avenue. These developments feature high‑profile tenants and are part of a city‑wide effort to shift South Beach’s image from a nightlife destination to a business hub.
Pebb Capital’s acquisition was announced shortly after the firm filed a lawsuit against the city of Miami Beach to enforce the Live Local Act, a local ordinance that has influenced development decisions in the area. The firm, led by Todd Rosenberg, has been active in other South Florida projects, such as the Delray Beach mixed‑use development that secured a $173 million construction loan.
While Pebb Capital has not yet issued a statement regarding the Uno South Pointe purchase, the transaction reflects the growing confidence of investors in Miami Beach’s office market. The building’s high occupancy rate and the presence of financial and advisory tenants suggest that the demand for premium office space in the South of Fifth area remains strong.
The penthouse addition, expected to open early next year, will add additional leasable space and may further attract high‑end tenants. The building’s 106 covered parking spots and extensive outdoor terraces are additional selling points for prospective occupants.
At present, the building’s lease portfolio is stable, and the upcoming penthouse expansion is the only major change anticipated. Pebb Capital’s ownership will likely bring additional capital for maintenance and potential future upgrades, but the firm has not disclosed any immediate plans for further development.
The transaction underscores the continued evolution of South Beach’s real‑estate landscape, as developers and investors seek to diversify the area’s economic base beyond tourism and hospitality. The shift toward office space is part of a broader strategy to attract professional services firms and other tenants that can sustain the neighborhood’s growth.
As the building prepares to add its penthouse, stakeholders will monitor how the new space is positioned in the market and whether it will attract additional tenants or increase rental rates. The outcome will provide insight into the trajectory of South Beach’s office market and the viability of boutique office projects in a historically leisure‑focused district.
The building, originally named The Atlantic Center, was completed in 2002 on a 0.5‑acre lot. It rises seven stories and contains approximately 97,500 square feet of office space. A 10,100‑square‑foot penthouse addition, designed by Gigi Alvarez, is slated for completion early next year. The property also offers more than 10,000 square feet of outdoor terraces.
Uno South Pointe is reported to be 97 percent leased, with a single vacancy. Current tenants include ONE Sotheby’s International Realty, investment adviser Thomas J. Herzfeld Advisors, New York‑based hedge fund J. Goldman & Company, and alternative asset manager Gates Capital Management. The building underwent a renovation last year led by Batisela+Tom, which reinterpreted the original design by Arquitectonica.
Leasing activity is managed by Cyril Bijaoui of Longstead Real Estate at The Corcoran Group, who declined to comment on the sale. The seller was an entity named Yantra 119, which has historically obscured the identity of its previous owners.
The purchase is part of a broader trend in South Beach, where developers and investors are positioning the area as a serious office market. South of Fifth, the neighborhood surrounding Uno South Pointe, has seen a wave of boutique office projects, including The Fifth Miami Beach and the six‑story Rivani building at 1691 Michigan Avenue. These developments feature high‑profile tenants and are part of a city‑wide effort to shift South Beach’s image from a nightlife destination to a business hub.
Pebb Capital’s acquisition was announced shortly after the firm filed a lawsuit against the city of Miami Beach to enforce the Live Local Act, a local ordinance that has influenced development decisions in the area. The firm, led by Todd Rosenberg, has been active in other South Florida projects, such as the Delray Beach mixed‑use development that secured a $173 million construction loan.
While Pebb Capital has not yet issued a statement regarding the Uno South Pointe purchase, the transaction reflects the growing confidence of investors in Miami Beach’s office market. The building’s high occupancy rate and the presence of financial and advisory tenants suggest that the demand for premium office space in the South of Fifth area remains strong.
The penthouse addition, expected to open early next year, will add additional leasable space and may further attract high‑end tenants. The building’s 106 covered parking spots and extensive outdoor terraces are additional selling points for prospective occupants.
At present, the building’s lease portfolio is stable, and the upcoming penthouse expansion is the only major change anticipated. Pebb Capital’s ownership will likely bring additional capital for maintenance and potential future upgrades, but the firm has not disclosed any immediate plans for further development.
The transaction underscores the continued evolution of South Beach’s real‑estate landscape, as developers and investors seek to diversify the area’s economic base beyond tourism and hospitality. The shift toward office space is part of a broader strategy to attract professional services firms and other tenants that can sustain the neighborhood’s growth.
As the building prepares to add its penthouse, stakeholders will monitor how the new space is positioned in the market and whether it will attract additional tenants or increase rental rates. The outcome will provide insight into the trajectory of South Beach’s office market and the viability of boutique office projects in a historically leisure‑focused district.
