Miami, FL (12/27/2016)
NGKF Capital Markets announces the $80 million sale of Lincoln Place, a single tenant office headquarters located at 1601 Washington Avenue, in South Beach. This transaction serves as another prime example of the success of NGKF's integrated services platform, with the Capital Markets and tenant representation teams working collectively.
NGKF Capital Markets' Executive Managing Director Michael Lapointe, Managing Director Michael Lohmann, and tenant representative Associate Director Clay Sidner, represented the buyer, NG 1601 Washington Ave, LLC. Chris Lee, of CBRE, represented the seller, Cousins Properties Inc., an Atlanta-based real estate investment trust, in the transaction.
"This transaction reflects the consistent demand for core assets within Miami Beach with long-term redevelopment value," said Lapointe. "Over the past 18 months, our buyer was able to achieve an excellent value by working through this complex transaction including a ground lease with the City of Miami Beach."
The eight-story, Class A building features over 110,000-square-feet of office space, 30,000-square-feet of retail space, 500-car parking garage and access to a hotel, shops and restaurants along Lincoln Road. The property is currently single tenant leased to LNR Partners as part of a sale leaseback they completed in 2006.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world's leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF's 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF's strong foundation makes it one of the most trusted names in commercial real estate. NGKF's full-service platform comprises BGC's real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC's common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.