Pebb Capital pays $70M for a South of Fifth office in Miami Beach

Todd Rosenberg’s Pebb Capital has paid more than $70 million for Uno, a seven-story office building at 119 Washington Avenue in Miami Beach’s South of Fifth, financing the deal with a $69 million loan from ACORE Capital. The near-full leverage is the tell: Pebb is betting that South Beach is turning into a genuine office market.

Why it matters

Buying office in 2026 is a conviction trade, and buying it in a neighborhood better known for nightlife than boardrooms is a bigger one. South of Fifth has quietly become an address boutique financial firms want, drawn by the walkability, the residential density above them and Miami Beach’s constrained supply of quality space. Pebb, a local operator, is wagering that the trend has room to run and that a well-located roughly 100,000-square-foot building can command the rents to justify a $70 million-plus basis. That a private lender like ACORE would fund about $69 million of it is its own signal about how bankable that thesis has become.

The near-full financing cuts both ways. It lets Pebb stretch on price while keeping equity light, but it leaves little room if leasing softens. For developers and investors reading South Florida’s office market, this deal is a live test of whether the small-bay, high-end office demand pulling firms to the Beach is durable enough to underwrite aggressive pricing.

The numbers

Pebb paid more than $70 million for the seven-story building, which offers roughly 100,000 square feet of leasable space and 106 covered parking spaces, financed with a $69 million loan from ACORE Capital. The property sits at 119 Washington Avenue in the South of Fifth district.

What’s next

Watch Pebb’s leasing and any repositioning of the building, and whether more institutional capital follows it into South of Fifth office, the signal that would confirm the neighborhood as a real office submarket.