Starwood secures $ 76 million construction loan for Miami Beach headquarters
Starwood Capital Group has secured a $ 76 million loan to build its new headquarters in Miami Beach.
The investment company, headed by Barry Sternlicht, obtained the loan from Citizens Bank for its project six-story office building at 2340 Collins Avenue, according to records. The company received its notice of launch from Miami-Dade County in September to begin construction.
Building will total 144,430 square feet, including approximately 8,000 square feet of retail space on the main floor. Gensler is in the process of designing the project, which will be 78 feet tall and include a 305-space parking garage, according to records.
The company moved its headquarters to 1601 Washington Avenue in Miami Beach from Greenwich, Connecticut a few years ago. His lease expires in 2021.
The new head office will cover three plots. A Starwood-related company transferred ownership of two of the three lots that make up the development site to North Bay Owner LLC for $ 19.5 million in September 2018. Avis Rent a Car sold the third lot to 2318 Collins Avenue on same month for $ 2.5 million.
The project is being built next to the Gates Hotel South Beach, a DoubleTree by Hilton, at 2360 Collins Avenue. It is in front of 1 Hotel & Houses, which Starwood and LeFrak completed in 2015.
Starwood Capital Group founded Starwood Property Trust in 2009. It is one of the largest commercial mortgage REITs in the United States, with a market capitalization of around $ 6 billion, according to its website.