Todd Rosenberg’s Pebb Capital Buys South Beach Office Building – Commercial Observer
Todd Rosenberg’s Pebb Capital has purchased the Uno office building in South Beach, as boutique financial firms vie for outposts in Miami.
The seven-story building features about 100,000 square feet of leasable space and 106 covered parking spots at 119 Washington Avenue, between First and Second streets, in the upscale South of Fifth neighborhood.
While the sale price remains unclear, it’s likely north of $69 million since Acore Capital provided a loan for that amount, property records show. A representative of Pebb Capital has not responded to a request for comment.
Property records show an entity named Yantra 119, managed by Longstead at The Corcoran Group’s Cyril Bijaoui, has owned the building since 2011. Bijaoui, who manages and leases the property, declined to comment.
During the pandemic, the seller renovated the interiors of the building, which was constructed in 2002. Earlier this month, the entity launched a construction project to add about 10,000 square feet of office space by converting a terrace.
The sale comes as South Beach is seeing an uptick in new Class A office buildings, with demand coming from wealthy executives who want to work near their homes.
The Fifth, a nearby boutique building backed by Google billionaire Eric Schmidt, is nearing completion after securing a $47.3 million construction loan in 2024. Hedge fund J. Goldman & Company signed a 10,000-square-foot lease, and Sant Ambroeus will open a 7,000-square-foot restaurant on the ground floor.
Across the street, the same development team, Sumaida + Khurana and Bizzi + Bilgili, have another luxury office project, dubbed 1100 Fifth Street, in the pipeline.
Further north in Sunset Harbour, private equity giant Ares Management opened a 10,500-square-foot office at the five-story Eighteen Sunset development, which was completed in 2024.
Boca Raton-based Pebb Capital is making inroads in Miami. In January, the firm purchased a mixed-use building in the Miami Design District for $73 million with Jeff Sutton’s Wharton Properties, a giant of New York retail real estate.
Julia Echikson can be reached at jechikson@commercialobserver.com.
