The New World Tower in downtown Miami sold for $84 million Wednesday.
The buyer is East End Capital, a commercial real estate firm based in New York and Miami. The 30-story office building at 100 Biscayne Blvd. last sold in 2006 for $60.4 million.
“In the last few years, downtown Miami has seen a dramatic transformation into a vibrant urban center,” Jonathon Yormak, founder of East End Capital, said in a statement. “The shift in Miami’s downtown demographics to mostly highly-educated, full-time residents speaks to the need for the more creative and amenity-rich office space that we will offer.”
The firm said it plans to spend an additional $10 million renovating the 310,000-square-foot office tower, where tenants include Zyscovich Architechts and luxury brand LVMH, the parent company of Louis Vuitton, Bulgari and other global retailers. The building opened in 1963.
East End Capital also developed the Wynwood Arcade and has plans for a mixed-use residential project in the arts-centric neighborhood.
Investors are competing for prime office properties in and around Miami’s urban core as the population grows. In August, an investor group paid $150 million for the Datran Center in Dadeland. The hot market is reflected in higher rents. Asking rents for Class-A office buildings in Miami-Dade County rose 10.3 percent year-over-year during the second quarter of 2016, the biggest increase in Florida, according to brokerage Cushman & Wakefield.