CIM Group provides loan for downtown Miami office complex
Blackstone has successfully refinanced two office buildings in downtown Miami, with CIM Group providing $154 million in funding—signaling strong investor confidence in the local office market.
CIM Group’s Real Estate Debt Solutions division, based in Los Angeles, finalized the loan this week for the two premium office properties. Together, the buildings offer approximately 334,000 square feet of space and are located at 700 NW MiamiCentral Avenue and 161 NW 6th Street.
The properties include 2 MiamiCentral, a 17-story tower with around 196,000 square feet of office space, and 3 MiamiCentral, which features 105,000 square feet of offices, 33,000 square feet of retail space, and 1,357 parking spaces.
Blackstone originally acquired the two towers in 2021 for $230 million and established its Miami office at 2 MiamiCentral in 2022. According to CoStar data, the New York-based investment firm continues to own both properties. While Blackstone confirmed its ownership, the company declined to provide additional comments regarding the refinancing deal.
Both buildings are part of the larger MiamiCentral mixed-use development, which includes Brightline’s high-speed rail station as well as connections to Miami’s Metrorail and Metromover systems. The complex also features a Publix supermarket, the 18,000-square-foot Central Fare food hall, more than 800 residential units, and retail outlets such as Starbucks and Chick-fil-A.
The financing deal was arranged by Eastdil Secured and comes shortly after CIM Group sold its stake in the retail and parking portions of the nearby Miami Worldcenter, a 27-acre mixed-use development, in a transaction valued at $210 million.
Source: Original reporting by Joshua S. Andino, CoStar News.
