Todd Rosenberg’s Pebb Capital bought the Uno office building in South Beach, showing increased interest from small financial firms in Miami’s prime real estate.
The seven-story property at 119 Washington Avenue contains about 100,000 square feet of leasable space and 106 covered parking spots. It stands in the South of Fifth neighborhood, an upscale area between First and Second streets.
Sale details remain unclear
No purchase price has been released, though records indicate it probably topped $69 million. That amount matches a loan from Acore Capital, which funded the deal. A Pebb Capital representative has not answered questions about the transaction.
The building has belonged to an entity called Yantra 119 since 2011. Cyril Bijaoui of Longstead at The Corcoran Group manages the company and oversees leasing. Bijaoui also declined to comment.
Recent improvements include an interior renovation completed during the pandemic. Earlier this month, the owner began converting a terrace into 10,000 square feet of extra office space, increasing the building’s total area.
South Beach office market grows busier
The sale comes as South Beach experiences a rise in high-end office construction. Wealthy executives who want to work near home drive the demand, a shift that gained momentum during the pandemic.
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Close by, The Fifth, a boutique building backed by Google co-founder Eric Schmidt, is nearly finished. The project received a $47.3 million construction loan in 2024. Tenants include hedge fund J. Goldman & Company, which took 10,000 square feet, and Sant Ambroeus, planning a 7,000-square-foot restaurant on the ground floor.
The same developers behind The Fifth—Sumaida + Khurana and Bizzi + Bilgili—are working on another luxury office building across the street. Called 1100 Fifth Street, the project is part of a larger effort to update the area’s commercial properties.
In Sunset Harbour, private equity firm Ares Management opened a 10,500-square-foot office at Eighteen Sunset, a five-story building completed this year. The arrival of firms like Ares highlights Miami’s appeal as an alternative to traditional financial centers such as New York.
Pebb Capital has expanded in Miami before. In January, the firm teamed with Jeff Sutton’s Wharton Properties, a key player in New York retail real estate, to purchase a mixed-use building in the Miami Design District for $73 million. The move reflected a strategy to grow in Florida’s most competitive markets.
The Uno building’s sale follows a trend of investors betting on Miami’s stability. While other cities struggle with remote work’s effects, South Beach’s mix of luxury living and proximity to Latin America keeps drawing firms willing to pay premium prices. Future demand may depend on how quickly the market absorbs new supply.
For now, the deal strengthens Miami’s changing commercial real estate scene, where small buildings serve executives who value location over large corporate spaces.
