Black Lion — a prominent real estate development company led by Robert Rivani — has announced the acquisition of The Lincoln, a mixed-use property located at 1691 Michigan Ave. in Miami Beach. Black Lion purchased the building for $62.5 million.
The sale is the largest of its kind on the Miami office market since 2016, when Clarion Partners purchased the same property for nearly $110 million. Mirroring recent trends, Black Lion secured the asset at a significant discount, paying approximately 43% less than the prior sale price.
Christian Lee and Sean Kelly of CBRE represented Clarion in the sale, while Jeremy Hakala, Clay Sidner and Brandon Shores of Newmark represented Black Lion.
The current tenant roster at The Lincoln includes established brands like Apple, West Elm, Williams-Sonoma, Morgan Stanley and Coldwell Banker. The property currently features 119,000 square feet of office space and more than 43,000 square feet of retail space. The new owners will occupy 5,000 square feet of the property for its new Miami headquarters, which will be relocated from its current location at 1001 Brickell Bay Drive.
Rivani has an ambitious plan for The Lincoln, and his statements point to a complete transformation that would involve the creation of what he dubs a “Class X” office experience. This ultra-luxury workspace will be designed by the renowned architecture firm Rockwell Group and interior design firm Escala Forma Studio.
“While luxury residential and hospitality projects push the boundaries of service and experience to attract discerning clientele, office spaces remain conventional, failing to meet today’s expectations,” Rivani said. “Companies are struggling to entice employees back to the workplace. I see an opportunity to cultivate an environment that isn’t just functional, but genuinely desirable — something people will truly want to be a part of.”
When completed, the property is expected to feature a spa, concierge service, salon, meditation room, fitness center, cafe, and even a Japanese-style restaurant and speakeasy bar. This unique blend of functionality and high-end amenities aims to create an office environment that’s not only functional, but also truly desirable for tenants and employees. The project is slated for completion by mid-2025.
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