RFR Realty has put its downtown Miami office tower, 100 Biscayne, on the market with an asking price of about $130 million. The property, located at 100 Biscayne Boulevard, spans 30 stories and covers approximately 310,000 square feet. This translates to a price of $419 per square foot.
The listing is being handled by Newmark, with Adam Spies and Adam Doneger leading the marketing efforts. Newmark did not provide a comment regarding the sale.
RFR Realty, led by Aby Rosen and Michael Fuchs, also plans to develop a nearly 1,000-foot supertall building with condominiums, a hotel, and amenities next to 100 Biscayne. This new project will be located on properties at 130 and 136 Biscayne Boulevard as well as 141 Northeast Third Avenue. The adjacent garage included in RFR’s earlier purchase is part of this development site but is not currently for sale.
RFR acquired the office tower and garage in 2022 for $81.1 million. At that time, the firm secured a $67.8 million loan from an Australian lender for the tower. This debt was later reassigned to MSD Partners (now BDT & MSD Partners) and increased to $107.4 million.
The previous ownership group led by East End Capital faced legal disputes between East End and its Australian investment partner before selling the building to RFR. East End had purchased 100 Biscayne for $84 million in 2016.
After acquiring the property, RFR made capital improvements including interior renovations and structural repairs. AJ Camhi, executive vice president and director of leasing at RFR, said: “The firm brought its New York sensibility in the renovations and included sought-after amenities while preserving upside for the next owner.”
Occupancy at 100 Biscayne rose from 60 percent to 92 percent following these upgrades. Recent leases include Independence Pet Holdings taking an 8,000-square-foot space for ten years and LVMH renewing its lease for seven years across five floors totaling 34,000 square feet.
Other tenants have also signed or renewed leases recently. In 2023, Mindspace agreed to a ten-year lease for three floors totaling 31,200 square feet at the property. Additional tenants who took space in recent years include Alliance Française Miami Metro (2,100 square feet), Spectorgroup (1,600 square feet), J.T. Magen & Company (1,600 square feet), while both Bahamas Consulate General of Miami and Zyscovich extended their leases—with Zyscovich occupying nearly 26,000 square feet.
Office investment sales activity in South Florida has seen some recovery after a slowdown caused by higher interest rates during 2023 and 2024; however, elevated borrowing costs continue to impact deal terms with some properties trading at discounts or seeing only modest gains compared to previous peaks.
According to CBRE data cited in the article, office investment sales volume reached $2.2 billion across South Florida’s tri-county region last year—higher than volumes recorded in both 2024 ($2.1 billion) and 2023 ($1.3 billion). Despite this increase over recent years’ lows, it remains below the peak level of $4.6 billion seen in 2021 when many out-of-state firms entered the local market through large deals such as Amancio Ortega’s $274.4 million acquisition of Sabadell Financial Center in Brickell.
