City of Miami Hires CBRE to Sell Miami Riverside Center

Administrative Headquarters Building Located on Miami River

​Miami, FL – March 22, 2016 – The City of Miami selected CBRE as the exclusive agent for the sale of Miami Riverside Center (MRC), the City’s administrative headquarters, located at 444 SW 2nd Ave. The 3.15-acre site sits on over 650 linear feet of the Miami River with redevelopment potential of up to 1,574 units. The City’s goal is to obtain new Class A office space for the City’s administrative offices within the City limits, which will functionally, securely and conveniently serve its citizens.  The City will also entertain the leaseback on their 194,679 rentable square foot building for up to three years.

CBRE’s Robert Given is marketing the disposition efforts for the existing site. CBRE’s Shay Pope is marketing the opportunity to acquire a new facility in collaboration with CBRE’s public sector experts, Michael McShea and Lee Ann Korst. 

“Both Mayor Regalado and the City’s Department of Real Estate recognize the tremendous value of selling this asset. The potential to expand economic development at the existing site and solve the City’s operational need for a new facility will greatly benefit The City of Miami,” said Department of Real Estate Director Daniel Rotenberg.

“The sale of this real estate asset places the property to new use, sparking commercial economic activity," said CBRE Vice Chairman Robert Given. "The City’s disposition of this asset supports the City’s commitment toward fiduciary responsibility recognizing they don’t need to be on prime real estate located directly on the Miami River.”

The following link will take you to the Offering Memorandum (OM) for the disposition of the existing site and Request for Proposals (RFP) for acquisition of a new facility:

http://www.cityofmiamiadministrativecenterrelocation.com. All questions regarding the property must be submitted in writing and will be answered via Addendum on this website.

CBRE’s Public Institutions and Education Solutions (PIES) Group provides real estate services to federal, state, county, city and educational institutions around the country, including The states of Florida, North Carolina, New York, Texas, and Maryland as well as the Cities of Austin, Fort Lauderdale and Miami.  In addition, PIES has worked with many universities including, George Washington University and Gallaudet University. The unique benefit of the CBRE platform is both public sector expertise as well as local/regional market presence.