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

**Published by:** [Brandon Donnelly](https://brandondonnelly.com/)
**Published on:** 2017-07-08
**Categories:** 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
**URL:** https://brandondonnelly.com/german-investment-fund-buys-1111-lincoln-in-miami-beach-for-dollar283m

## Content

The German investment fund Bayerische Versorgungskammer (BVK) has just closed on the Herzog & de Meuron-designed mixed-use parking garage / event space at 1111 Lincoln in Miami Beach. 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. I’m assuming it is these two. 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. I am very curious to know the cap rate. 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 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.

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