Miami Office Campus Lands $52M Refi
The Green Cos. has secured a 10-year, fixed-rate loan from Goldman Sachs for Dadeland Centre I and II, two office buildings located in Dadeland, Fla. JLL Capital Markets arranged the $51.5 million in leasehold financing.
“The lender keenly focused on the property’s strong occupancy and operating history, which, of course, aligned directly with Miami leading the nation in office fundamentals,” JLL Senior Managing Director Paul Stasaitis, who led the JLL Debt Advisory team working on the deal, told Commercial Property Executive.
Located in the southern part of Miami-Dade County, the two Class A buildings at 9155 and 9150 S. Dadeland Ave. total 242,598 square feet. The campus is close to the University of Miami, downtown Miami and Brickell, as well as several premier residential neighborhoods. The two buildings, which were developed by the Green Cos. in 2003 and 2008, are part of a wider building complex also including a Marriott hotel, among others.
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Dadeland Centre I stands 18 stories with a 406-space parking garage and 129,625 square feet of office space. Dadeland Centre II is 15 stories, has six floors of parking, totals 250 spaces, and has eight floors of office space and 112,973 square feet.
Law firm Cole Scott & Kissane, Steel Group LLC and Field & Howell are part of a diverse tenant roster, with the property leased 93 percent. Both buildings hold long-term ground leases with Miami-Dade County.
South Florida fundamentals improving
Overall, Miami-Dade office fundamentals are improving, according to Blanca Commercial Real Estate. Vacancy is tightening, leasing momentum is picking up post-2024, and Coral Gables has the lowest vacancy rate (12.2 percent) among all major submarkets. The Miami Airport submarket also saw strong activity, with net absorption positive.
Notably, Verizon/TracFone signed a 51,484-square-foot lease at Waterford after selling its former headquarters, a trend we see more often as firms unlock real estate value and relocate to strategic, amenity-rich campuses.
Nearby, in April, City National Bank of Florida signed the largest office lease in South Florida in at least two years when it chose to consolidate its growing workforce in Coral Gables, Fla. The lease covers 144,878 square feet.
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