Why Office Demand Is Following Wealth to South of Fifth

For decades, South of Fifth has been known as one of Miami Beach’s most exclusive residential enclaves. Now, its concentration of wealth is beginning to shape where people work, too.

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With little commercial inventory and virtually no room for substantial new office development, the neighborhood is emerging as a boutique office destination for businesses seeking many of the same qualities that have long attracted residents: privacy, walkability and proximity to the water.

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UNO South Pointe offers a window into that shift.

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A joint venture between Pebb Capital, Sabal Investment Holdings and affiliates of Paceline Equity Partners recently acquired the approximately 51,000-square-foot Class A office and retail property at 119 Washington Avenue, with plans to further position the building for the neighborhood’s evolving office market.

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Originally constructed in 2002 and renovated in 2025, UNO is one of the few Super-Class A office properties in South of Fifth.

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“UNO South Pointe represents exactly the type of opportunity we seek, a high-quality boutique office asset in a market where new supply is exceptionally limited and the location is second-to-none,” said Todd Rosenberg, co-founder and managing partner of Pebb Capital.

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The partnership plans to develop approximately 10,000 square feet on the building’s top floor into an ultra-luxury penthouse office. Plans call for 15-foot ceilings, multiple terraces and unobstructed panoramic views of the Atlantic Ocean, Government Cut, Fisher Island, Biscayne Bay and Miami Beach.

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Existing property management and operations will remain in place as the partnership implements targeted enhancements to the tenant experience.

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The investment reflects a broader shift taking shape in South of Fifth. While the neighborhood is best known for its luxury condominium towers, waterfront restaurants and marina, its residential appeal is increasingly intersecting with Miami’s changing business landscape.

Rather than competing with traditional business districts for large corporate headquarters, South of Fifth is carving out a more specialized role. Its boutique office inventory is well suited for family offices, hedge funds, investment advisers and founder-led companies that prioritize privacy, convenience and proximity to home.

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At the same time, Miami’s population of high-net-worth residents continues to expand. Greater Miami, including Miami Beach and Coral Gables, counted approximately 38,800 millionaires in 2025, representing a 94 percent increase over the preceding decade. In South of Fifth, condominium prices averaged approximately $2.5 million that year and reached about $2.78 million during the fourth quarter.

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As more entrepreneurs, investors and family-office principals establish residences in the area, the traditional divide between where Miami’s wealthy residents live and work is narrowing. For businesses that do not require a large corporate headquarters, a discreet office near home can offer an alternative to a traditional downtown location.

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For Pebb Capital, UNO also fits within a broader strategy of investing in high-quality commercial properties in affluent, supply-constrained South Florida markets.

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“We focus on well-positioned commercial assets in fortress locations where active ownership can unlock additional value,” Rosenberg said. “As we grow our portfolio, we remain disciplined in pursuing investments that align with this strategy in South Florida.”

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Earlier this year, Pebb Capital acquired Design 41, an approximately 50,000-square-foot Super Core Class A building in Miami’s Design District, for $75 million. The firm’s regional portfolio also includes Sundy Village in Delray Beach, The Press in West Palm Beach, 110 East Broward in downtown Fort Lauderdale and The Collins in Miami Beach.

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Together, UNO South Pointe and Design 41 point to a broader bet on a different kind of South Florida office market: smaller, high-quality properties in affluent neighborhoods where new supply is difficult to create.

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As Miami’s private wealth continues to spread beyond its traditional business districts, the places where that wealth works may increasingly follow.

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