It is no secret that the real estate market in Miami has been hot for quite some time now. Sales price records continue, and A-list buyers continue to move to the Magic City. Many businesses and elites are also moving to Miami. In fact, according to a report by the Miami Herald, Blackstone recently paid $230 million for three buildings in Downtown Miami.
The buildings are split by an active railroad that runs to Port Miami. Blackstone manages about $325 billion in real estate assets across the globe. In fact, it is one of the largest landlords in the United States. The three buildings in Downtown Miami are located across five blocks. They are equidistant from Miami’s government buildings, I-95, and Biscayne Bay. In addition, they also stretch between Brickell and Wynwood.
Strategically, the buildings also happen to be located in the middle of Miami Worldcenter. This is the second largest community in the United States after New York’s Hudson Yards.
Furthermore, Blackstone purchased 2 and 3 Miami Central just months after announcing the opening of a tech office at 2 Miami Central. It will total 41,000 square feet. Miami’s business-friendly environment, and low taxes drove Blackstone’s acquisitions. This purchase represents Blackstone’s first major CRE acquisition in Miami recently.