J. Goldman pre-leases at Bizzi+Bilgili, Sumaida + Khurana’s South Beach office project

February 28, 2024

J. Goldman pre-leases at Bizzi+Bilgili, Sumaida + Khurana’s South Beach office project

Asking rents could reach $170 psf at building

A New York-based hedge fund pre-leased at the Fifth Miami Beach office project under construction in South Beach.

J. Goldman took about 10,000 square feet, marking the first signed tenant at the roughly 60,000-square-foot project, according to Bloomberg, which cited an unidentified source. Michael Juliano, COO at J. Goldman, said the firm has long had a South Florida office and it’s “necessary to expand” in the tri-county region, Bloomberg reported.

Cyril Bijaoui of Longstead at The Corcoran Group represented J. Goldman in the deal.

Jay Goldman founded the hedge fund in 1986 and still leads the firm.

Bizzi+Bilgili –– a partnership between Bizzi & Partners and Turkish investor Serdar Bilgili –– and Sumaida + Khurana are developing the five-story Fifth Miami Beach at 944 Fifth Street and 411 Michigan Avenue. Former Google CEO Eric Schmidt is a partner in the project and has an 88 percent stake in the entity that owns the site, The Real Deal has reported.

The developers started construction in May and expect to finish the building in 2025. In December, Cain International provided a $47.3 million construction loan.

The J. Goldman lease marks continued demand from out-of-state firms for South Florida offices. The tri-county region became a magnet for new-to-market companies due to its early pandemic reopening in 2020 and business-friendly climate, with financial service firms among the main industries opting to move to or expand in South Florida. The leasing flurry pushed up rents to a record of over $100 per square foot in Brickell and downtown West Palm Beach, though rate increases are now spreading to Miami Beach.

At the Fifth Miami Beach, asking rents started at $170 a foot in 2022, Brian Gale, of Cushman & Wakefield, said at the time.

Also in South Beach, Deco Capital Group, led by Bradley Colmer, and RWN Real Estate Partners, part of billionaire Marc Rowan’s family office, are developing the five-story Eighteen Sunset building with 60,000 square feet of offices at 1759 Purdy Avenue in the Sunset Harbour neighborhood. That project is nearly fully leased, with tenants including Pretium, restaurant Uchiko and Swiss watch manufacturer Audemars Piguet’s lounge-like AP House.

Michael Shvo also is betting on South Beach’s office market with three planned projects. The developer has city approvals for the 62,500-square-foot One Soundscape Park at 1665 and 1667 Washington Avenue, and The Alton mixed-use building with 170,000 square feet of offices on the northwest corner of Alton and Lincoln roads. Shvo also plans to redevelop the 13-story office building at 407 Lincoln Road.

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