One of downtown Miami’s most iconic office towers is getting a renovation — and a new identity.
The 30-story New World Tower, located at 100 Biscayne Blvd. and built in 1965, is getting a $10 million makeover courtesy of developer East End Capital. The building will be rechristened as 100 Biscayne.
Improvements will include a slick, modernized lobby featuring a programmable video wall, a communal work/conference space for tenants, new bathrooms and the removal of the exterior granite facade that currently covers the building’s original white marble columns.
The renovations were designed by Zyscovich Architects, which has been a tenant in the building for 31 years.
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The building is currently leased out at 80 percent capacity, with rents topping out at the mid-$30s per square foot. Rents will go up 10 percent after the renovation. Tenants include Louis Vuitton (LVMH) and consulate offices for Israel and Germany.
Miami’s office market has started to heat up, with the average asking price per square foot hitting $36.99 in the first quarter of 2017 — a 40 percent increase over the same period in 2016. The real estate investment firm Hines recently announced it will build a new 45-story tower at 110 NE 10th St. offering 600,000 square feet of Class A office at a rate of $60-$65 per square foot. The 11-acre MiamiCentral Brightline train station on Northwest First Avenue, due this summer, will offer another 300,000 square feet of Class A office space.
“This building truthfully will not compete head-on with brand-new construction coming to downtown Miami,” East End Capital managing principal David Peretz said. “We’re taking a Class B space and turning it into Class A. Even post-renovation, our price point will be a significant discount compared to the new spaces others are building. We also cater to smaller tenants for the most part. We are after a different user than brand-new construction attracts.”
Peretz said the building caters mostly to tenants looking for 1,000-5,000 square feet of space. The average size of Miami office tenants is 3,500 square feet.
When it opened its doors in 1965, the New World Tower was the tallest building in downtown Miami. Developed by José Ferré, father of former six-time Miami Mayor Maurice Ferré, the tower’s top nine floors originally housed luxury apartments.
“The new design is intended to reflect a younger attitude in order to attract younger tenants,” said Anabella Smith, a partner and director of interior architecture with Zyscovich. “We want to restore the building’s original 1960s vision of an international design style, with very clean, vertical lines and a transparent lobby.”
East End Capital acquired the building in October for $84 million. The firm, with offices in New York and Miami, is a partner in several ongoing projects, including the Wynwood 25 micro-unit apartment building.
Completed projects include the mixed-use Wynwood Arcade, home to The Salty Donut, and another 15,000-square-foot building in Wynwood, which is under long-term lease by the Concrete Beach Brewery.