Office prices in the most sought-after locations and business hubs around the world continue to escalate on the whole, as has been further evidenced by the recent sale of the Mason Building. Situated within the Miami Design District, the property, which was developed in the 1920s and was only recently renovated and expanded, has just sold for a staggering price of $22 million, representing one of the highest prices per square foot ever paid for a Florida office building.

The property was until now owned by 3704 NE 2nd Avenue LLC, managed by local investor Alex Karakhanian. Karakhanian worked with both Whitehall Realty Group, led by Devlin Marinoff, and Tony Arellana of Metro 1 Commercial to negotiate the $1,002 per square foot price tag. Whitehall Realty Group also represented the buyer, Stockbridge Capital, with Stefano Santoro taking the lead.

The entire Mason Building was leased this fall to the Instituto Marangoni, an international fashion school who sought a new home base in the area.

“It’s unique to find a trophy asset that delivers yield and value for the investor,” said Whitehall Realty Group’s Devlin Marinoff.

Alex Karakhanian, of 3704 NE 2nd Avenue LLC, also commented, “The small lot and narrow condition of The Mason Building made for a complicated development. I am delighted the building has found a new home, allowing me to shift my attention in pursuit of other opportunities.”

Marinoff and Arellano also represented Karakhanian in the recent sale of the building at 1900 N.E. Miami Court for $10.7 million.

Sam Bonson

Sam is an aspiring novelist with a passion for fantasy and crime thrillers. He is currently working as a content writer, journalist & editor as he continues to expand his horizons.
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