Azora Exan buys Miami Beach office building for $37 million

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Juan Jose Zaragoza and Fernando Perez-Hickman with 429 Lenox Avenue (LinkedIn, Google Maps)

Azora Exan enters the Miami Beach office market with the purchase of a five-story building fully leased to WeWork.

According to records, a subsidiary of Azora Exan, a joint venture between Madrid-based Azora and Miami-based Exan Capital, purchased the property at 429 Lenox Avenue in the South of Fifth neighborhood. The partnership paid $461 per square foot for the building and received a $19 million mortgage from Abanca USA.

Jonathan Kurry, a partner at law firm Reed Smith who represented Abanca USA, said the buying entity also includes foreign investors who hold a minority interest in the property. “Azora is a strong borrower that has a history with the lender,” Kurry said. “It was a fairly quick closing of the deal.”

In 2014, the seller, a company managed by Atlanta-based real estate investor Robert C. Goddard III, paid $14.3 million for the 80,223-square-foot building, which was completed in 2002, records show.

In 2020, WeWork closed a coworking space at 350 Lincoln Road and consolidated its Miami Beach operations at 429 Lenox Avenue. At the time, the Lincoln Road landlord, a business managed by Miami residents Meir and Shaul Levy, sued WeWork, alleging it owed more than $650,000 in rent. The lawsuit was dismissed in July last year after WeWork reached a private settlement with the Levy entity, court filings show.

This month, WeWork withdrew its agreement to lease 146,000 square feet across 10 floors at 830 Brickell, a 55-story office tower where asking rents have reached $125 to $150 per square foot.

WeWork plans to remain at 429 Lenox Avenue, Kurry said. “As far as I know, the building is one of their top locations in the Miami market,” he said. “Even though there has been some movement at WeWork, there is strong demand for offices, particularly in South Beach. This is a well positioned asset.”

Azora Exan, led by Managing Partners Juan Jose Zaragoza and Fernando Perez-Hickman, is a real estate investment and management firm founded last year. Azora Exan’s deals totaled more than $2.3 billion in the office market, approximately $350 million in the retail market and $460 million in the industrial market in the US, primarily in the Southern States, it said on the company’s website.

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