Rare Opportunity to Own a Piece of Lincoln Road
In a rare opportunity, the entire 5th floor of the former Sony building on Lincoln Road is for sale. Consisting of 10,228 rentable square feet, the office space is listed at $5.475 million. The building at 605 Lincoln Road is home to tenants such as Compass and Starbucks. Marcus & Millichap Investment Broker Alex Zylberglait is marketing the property.
"605 Lincoln Road is one of the world's most desirable addresses," said Zylberglait. "It's a rare opportunity to buy an entire floor on Lincoln Road. The space is ideal for a company that wants to have a presence in Miami Beach as an end-user or as an investor looking to invest in a well-established market."
The fifth floor was renovated in 2005 and has been exceptionally maintained as the space is fully build-out with outstanding views of Lincoln Road and Pennsylvania Avenue. This property has undergone significant upgrades including impact windows, upgraded lighting and modernized systems.
The building offers an open floor plan, which allows for a range of uses and easy reconfiguration. The high-profile building provides professional curb appeal, ample parking, and excellent visibility. The current owner rents parking spaces from the city in adjacent lots.
The building is located on the corner of Pennsylvania Avenue and Lincoln Road and is part of the world famous Lincoln Road Mall, which is the most heavily traveled pedestrian street in Florida and one of Miami Beach's most popular tourist and local destinations due to the vast amount of retail, restaurants and entertainment. Lincoln Road is one of the most expensive retail corridors in the United States with rents among the highest in the world.
Adjacent to 605 Lincoln Road, there are public parking garages with a combined 2,010 spaces. The building is just blocks from the Miami Beach Convention Center, which is undergoing a $615 million renovation. The convention center will have 505,000 square feet of exhibit space, a newly added 60,000 square foot ballroom, three 20,000 square foot glass rooftop junior ballrooms, 59,000 square feet of breakout meeting spaces, 806 on-site rooftop parking spaces and 12 acres of surrounding parks.
Miami Beach continues to attract foreign investors like Spanish billionaire Amancio Ortega who paid $370 million for an entire block of shops on Lincoln Road last year. With limited office inventory in such a desirable area, this property is positioned to be well received and strongly sought after by both investors and owner-users alike.