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.
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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.