East End Capital closed on New World Tower at 100 Biscayne Boulevard late yesterday for $84 million, with plans to upgrade the Downtown Miami office building.
"In the last few years, Downtown Miami has seen a dramatic transformation into a vibrant urban center that we are proud to be a part of," said Jonathon Yormak, Founder and Managing Principal of East End Capital. "The shift in Miami’s downtown demographics to mostly highly-educated, full-time residents speaks to the need for the more creative and amenity-rich office space that we will offer at 100 Biscayne."
EEC plans to spend an additional $10 million on renovating the 30-story tower, which was Miami’s tallest building upon construction in 1963. Changes will include upgrades to the lobby, streetscape façade, garage, corridors, and bathrooms, in addition to a new space that will include a fitness center.
The tower facing Biscayne Bay is currently 80 percent occupied, with Zsycovich Architects among the tenants.
East End Capital is also behind the recently finished retail space Wynwood Arcade and an upcoming mixed-use project nearby called Wynwood 25.