# German investment fund buys 1111 Lincoln in Miami Beach for $283M

By [Brandon Donnelly](https://brandondonnelly.com) · 2017-07-08

1111-lincoln, architecture, bayerische-versorgungskammer, design, german, german-fund, germany, herzog-de-meuron, lincoln-road, miami, miami-beach, parking-garage, parking-structure, real-estate-deal, real-estate-sale, real-estate-transaction, robert-wennett, the-real-deal, uncategorized

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![](https://storage.googleapis.com/papyrus_images/bab3bd0379a55e4f60d1b2b6fefff66f.jpg)

The German investment fund Bayerische Versorgungskammer (BVK) has just [closed](https://therealdeal.com/miami/2017/07/06/german-investment-fund-bvk-buys-1111-lincoln-road-for-283m/) on the [Herzog & de Meuron](https://www.herzogdemeuron.com/index.html)\-designed mixed-use parking garage / event space at [1111 Lincoln in Miami Beach](http://www.archdaily.com/59266/1111-lincoln-road-herzog-de-meuron). 

They paid USD$283 million or $1,932 per square foot. It’s one of the biggest deals ever on Lincoln Road.

The complex includes 94,488 square feet of office, 51,839 square feet of retail, and a 300 stall parking garage / event space (people get married in this garage). The sale also includes retail space at 1664-1664 Lenox Avenue, but excludes two new residential units according to [The Real Deal](https://therealdeal.com/miami/2017/07/06/german-investment-fund-bvk-buys-1111-lincoln-road-for-283m/). I’m assuming it is [these two](https://miami.curbed.com/2017/3/22/15022084/miami-beach-1111-lincoln-residences).

The seller was developer Robert Wennett, who bought the site – existing office building + surface parking lot – in 2005 for $23.5 million. He then spent $65 million on the widely celebrated HdM garage and built himself [a penthouse residence on top if it](http://www.vanityfair.com/culture/2012/02/lincoln-road-201202).

I am very curious to know [the cap rate](https://twitter.com/_DavidFitz/status/883690434144464897). But it would also be interesting to try and figure out what sort of premium could attributed to the fact that this is a pretty famous complex designed by HdM.

The Wall Street Journal [once wrote](https://en.wikipedia.org/wiki/1111_Lincoln_Road#cite_note-wsj-chic-6) that _several_ hundred people walk into this parking garage every single day just to look around. I have been one of those humans on many many occasions. See above photo.

For more photos of 1111 Lincoln, [click here](http://www.archdaily.com/59266/1111-lincoln-road-herzog-de-meuron).

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*Originally published on [Brandon Donnelly](https://brandondonnelly.com/german-investment-fund-buys-1111-lincoln-in-miami-beach-for-dollar283m)*