RFR Seals $101M Refi on Downtown Miami Office Building – Commercial Observer

RFR has sealed a $101 million loan to refinance a repositioned Downtown Miami office building it acquired nearly five years ago, Commercial Observer can first report.

Derby Lane Partners and Axonic Capital provided the loan for the developer’s 100 Biscayne property it purchased in January 2022 for $90 million. Since its acquisition, RFR has leased roughly 248,000 square feet to increase occupancy from under 60 percent to around 90 percent, according to the company.

SEE ALSO: When Hotel Financing Fails, Know Who Holds Which Cards

“When we acquired 100 Biscayne, our plan was to reposition the building into a true institutional-quality Class A boutique office building, broaden its tenant base and position it for long-term ownership,” Gaby Rosen, principal at RFR, said in a statement. “The leasing, rent and occupancy gains of the past four years, together with the long tenure of the building’s tenants, give us a stable foundation as long-term owners, and we remain confident in the Downtown Miami office market.”

Rosen added that the property has a “continued value creation opportunity” through rent growth generated at the 317,000-square-foot property while also “capturing the upside of a significant portion of the building’s tenants in place below market leases.” 

Located at 100 Biscayne Boulevard across the street from Bayfront Park, the property stands out in the Miami market as the only Class A boutique waterfront office building in the city’s central business district, according to RFR. Tenants include French luxury goods conglomerate LVMH, Italian eyewear maker Luxottica, architecture firm Zyscovich, and engineering firm DeSimone. AT&T, Verizon and Windstream Communications also are tenants, along with several data center companies and consulates, according to RFR.

“100 Biscayne’s waterfront location and boutique floor plates make it uniquely positioned to capture continued demand from businesses seeking well-located, high-quality office space in Downtown Miami,” Adam Piekarski, founder, CEO and chief investment officer at Derby Lane Partners, said in a statement. 

Axonic Capital declined to comment.

Andrew Coen can be reached at [email protected].