Todd Rosenberg's Pebb Capital acquired the Uno office building in South Beach, Miami, signaling continued institutional appetite for Class A office space in the city's financial hub. The seven-story asset sits at 119 Washington Avenue in South of Fifth, the neighborhood's most coveted address for boutique financial firms and professional services tenants.
The property spans approximately 100,000 square feet of leasable space with 106 covered parking spots, a critical amenity in Miami's competitive commercial market. South Beach office buildings command premium rents from hedge funds, private equity shops, and wealth management firms increasingly decentralizing from traditional coastal finance centers.
Pebb Capital's acquisition reflects a broader institutional pivot toward Miami's financial district. While deal terms remain undisclosed, the South of Fifth submarket has seen asking rents climb to $60-$70 per square foot annually for premium office space. The Uno building's location between First and Second streets places it within walking distance of high-end restaurants, retail, and residential towers that appeal to client-facing finance professionals.
For office landlords, the Rosenberg purchase validates continued investment in Class A product. Miami's office market posted stronger fundamentals than national trends in 2023 and early 2024, with South Beach commanding the highest occupancy rates. For tenants already occupying South of Fifth space, competitive pressure from institutional buyers like Pebb Capital typically pushes rents higher during lease renewals.
Boutique financial firms seeking South Beach offices now compete for limited premium inventory. Buildings like Uno with modern infrastructure, ample parking, and neighborhood prestige command long lease terms and attract quality credit tenants. The acquisition underscores why developers continue targeting Miami's financial district with new Class A construction.
The move also signals confidence in Miami's post-pandemic office recovery. Unlike major gateway markets struggling with remote work headwin