Cousins Properties sells South Beach Ave. offices for $80m

Lincoln Place, a single tenant office headquarters in South Beach, has been sold by Atlanta-based real estate investment trust Cousins Properties Inc. Located at 1601 Washington Avenue, the property changed hands in an $80 million transaction. The eight-story, Class A building features over 110,000 sqf of office space, 30,000 sqf of retail, a 500-car parking garage and access to a hotel, shops and restaurants along Lincoln Road. The property is leased to LNR Partners as part of a sale leaseback completed in 2006. NGKF Capital Markets’ Executive Managing Director Michael Lapointe represented the buyer, NG 1601 Washington Ave. Cousins Properties was represented by Chris Lee (CBRE).

“This transaction reflects the consistent demand for core assets within Miami Beach with long-term redevelopment value,” said Lapointe. “Over the past 18 months, our buyer was able to achieve an excellent value by working through this complex transaction including a ground lease with the City of Miami Beach.”