Jonathan Goldstein, chief executive of London-based Cain International, discussed on Apr. 1 his company’s role in reshaping Miami’s skyline and the evolving real estate market in an interview with The Real Deal. Cain partnered with OKO Group on the 830 Brickell office tower, which was completed in 2024 fully pre-leased amid high demand from out-of-state firms.
Goldstein said that having an outsider’s perspective allowed him to see potential in Miami’s office market before it became a major hub for businesses. “Sometimes it takes an eye that is not ingrained in the locality to see the potential,” Goldstein said. “Sometimes you have to be counter-cyclical. You can’t just follow the herd. I didn’t want to just build more condos.”
He described how early confidence in building a Class A office space paid off despite initial uncertainty about tenants such as WeWork: “We did have an underpin from WeWork at the beginning of the transaction, but we always regarded that as an option.” He added that after replacing WeWork with Citadel and Santander, rents rose significantly: “WeWork had leased at about $60 per square foot. We have achieved north of $100 a foot with the people who replaced them. Now the top rent in the building is well-north of $200 a foot, triple net.”
Goldstein addressed challenges facing new office developments due to long construction timelines and current financing conditions: “The financing market is probably more challenging today than it was then. So without a commitment from a tenant, people are going to find it hard to complete and build new office product.” He also noted global volatility affecting real estate supply chains and costs.
Discussing trends like branded condominiums—especially those linked to car brands—Goldstein cautioned against superficial branding: “If you are going to do it, you want to ingrain the brand’s DNA through the development… Because your buyer doesn’t want something that’s veneer thin.” He confirmed plans for Cain’s next Miami project will focus on multifamily development near Missoni Baia.
Looking ahead at broader economic shifts—including private credit concerns and technology volatility—Goldstein predicted continued interest in stable asset classes like real estate: “That would lead to a flight back to more solid, maybe a bit more boring asset classes like real estate.”
