Blackstone Secures $154-Million Refinancing for Miami Offices

Blackstone has secured $154 million from CIM Group’s private credit fund to refinance 2 and 3 MiamiCentral, which are part of a premier, mixed-use development in downtown Miami. The high-profile office space in Miami serves as a regional hub for the real estate giant, which operates its own office within the property. Eastdil Secured brokered the transaction for the 339,000-square-foot asset.

Blackstone originally acquired the complex for $230 million in 2021, shortly after signing a 41,000-square-foot lease at the site. The property has continued to attract high-profile tenants, including Uber, which doubled its footprint to 26,000 square feet last year.

Completed in 2018, 2 and 3 MiamiCentral are modern, Class A properties. The 17-story 2 MiamiCentral offers approximately 196,000 square feet of office space, while the 12-story 3 MiamiCentral features 105,000 square feet of office space; 33,000 square feet of retail; and 1,357 parking spaces. The buildings feature efficient floorplans; floor-to-ceiling windows; and various amenities, including fitness facilities, a roof deck, work lounges and concierge services.

“The transaction highlights how capital continues to flow to newer, transit-connected office properties in urban cores, even as older assets face leasing pressure and valuation challenges,” CIM said in a statement. “Lenders have shown a preference for properties tied to mixed-use developments and strong location fundamentals, particularly in growth markets, like Miami.”

The complex is a central component of the MiamiCentral mixed-use development, which includes more than 800 luxury residential units and retail anchors like Publix and Starbucks. The location provides direct access to MiamiCentral Station — a hub for Brightline, Tri-Rail, Metrorail and other services — and offers connectivity to I-95; I-395; and neighborhoods such as Brickell, Wynwood and Miami Beach.

This refinancing follows CIM Group’s recent $210 million sale of the retail component at the nearby Miami Worldcenter, where it served as a master developer for the 27-acre project. Representatives for Blackstone did not immediately respond to requests for comment regarding the new financing.