Black Lion acquires the Miami Beach building and plans an ultra-luxury office transformation

Black Lion – a leading real estate development company led by Robert Rivani – has announced the acquisition of The Lincoln, a mixed-use property located at 1691 Michigan Ave. in Miami Beach. Black Lion purchased the building for $62.5 million.

The sale is the largest of its kind in the Miami office market since 2016, when Clarion Partners purchased the same property for nearly $110 million. Following recent trends, Black Lion secured the asset at a significant discount, paying approximately 43% less than the previous sale price.

Christian Lee and Sean Kelly of CBRE represented Clarion in the sale, while Jeremy Hakala, Clay Sidner and Brandon Shores of Newmark represented Black Lion.

The Lincoln’s current tenant base includes established brands such as Apple, West Elm, Williams-Sonoma, Morgan Stanley and Coldwell Banker. The building currently has 119,000 square meters of office space and more than 43,000 square meters of retail space. The new owners will occupy 50,000 square feet of the property for the new Miami headquarters, which will be relocated from its current location at 1001 Brickell Bay Drive.

Rivani has an ambitious plan for The Lincoln, and his statements point to a complete transformation that would include the creation of what he calls a “Class X” office experience. This ultra-luxe workspace is being designed by renowned architectural firm Rockwell Group and interior design firm Escala Forma Studio.

“While luxury residential and hospitality projects push the boundaries of service and experience to attract discerning clients, office spaces remain conventional and do not meet contemporary expectations,” said Rivani. “Companies are struggling to attract employees back to the workplace. I see an opportunity to cultivate an environment that is not only functional, but truly desirable – something people really want to be a part of.”

When completed, the property is expected to feature a spa, concierge service, salon, meditation room, fitness center, cafe and even a Japanese-style restaurant and speakeasy bar. This unique blend of functionality and high-quality amenities aims to create an office environment that is not only functional, but also truly desirable for tenants and employees. The project should be completed by mid-2025.

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Last modified: April 18, 2024

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