Cityfeet,com - June 07, 2006
New York-based Andalex Group has acquired Lincoln Place, a 140,000-sf class A office building at 1601 Washington Ave. in South Beach. The property is the headquarters of real estate and finance company LNR Property Corp.
Lincoln Place is an eight-story office building designed by Coral Gables-based architect Nichols Brosch Sandoval which was completed in 2002. It contains 111,000 sf of office space, 29,000 sf of retail space and an attached five-story parking garage with more than 500 spaces. Financing for the transaction was provided by Wachovia Securities.
Andalex vice president and CIO Andrew Silverman tells GlobeSt.com that the building’s location is among reasons the company acquired it. “It’s a fairly new building, class A space, in a good location of South Beach,” Silverman says. LNR has a 15-year lease for the space, but the company believes the strong location will attract tenants over an even longer time period.
The Andalex Group was founded in 1989 and specializes in the acquisition, development, construction management of all property types. The firm’s portfolio includes more than 4.5 million sf of space including the 400,000-sf 101 Avenue of the Americas in Lower Manhattan, Sylvan Corporate Center in Englewood Cliffs, NJ and Arris Lofts in Long Island City, NY.
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