Luxury real estate investor and developer Robert Rivani’s new high-end office project, set to be home to Playboy's global headquarters as well as a hidden speakeasy, hit a leasing milestone ahead of its planned opening this summer.
Described by the developer as a new asset class — class X — meant to represent high-end spaces that blur the line between hospitality and office, Rivani Miami Beach in South Florida is over 80% leased.
“Miami Beach is the global epicenter for innovation and lifestyle, and we saw an opportunity to meaningfully contribute to its next chapter by elevating the workplace ecosystem,” said Rivani, CEO of Rivani, in a press release from the firm.
The building sits a block from Lincoln Road in Miami Beach and just 3 miles from downtown Miami across the Venetian Causeway. Rents in the immediate neighborhood are among the highest in the Miami area, often reaching $200 per square foot for retail space and over $100 per square foot for new high-end offices, CoStar data shows.
PLBY Group, the media conglomerate behind the Playboy brand, announced plans last year to move its global headquarters to Miami Beach from Los Angeles. Playboy leased the 20,000-square-foot penthouse suite at Rivani Miami Beach.
Rivani Miami Beach also includes a Tokyo-inspired speakeasy from Los Angeles-based h.wood Group. The venue will be partially hidden; office tenants will have exclusive daytime access to the speakeasy and its dedicated bartender and personalized spirits locker.
Newly announced leases at the building include hedge fund Divisadero Capital's 5,000-square-foot office; The Jills Zeder Group's 8,000-square-foot space; a 3,000-square-foot regenerative medicine practice from Prime Longevity; and two 2,000-square-foot doctor offices.
Rivani acquired the 163,000-square-foot structure at 1691 Michigan Ave. and the next-door parking lot in 2024 for $62.5 million, CoStar records show. At the time, the six-story building that was built in 2003 was known as the Lincoln.
After Rivani's more than $100 million renovation, the developer aims to increase the property's usage from 200 daily visitors to over 1,200 professionals, according to the release.
“Our goal is to create a cultural anchor for the area that attracts talent, supports local businesses, and deepens Miami Beach’s identity as a place where people can truly live, work, and thrive," Rivani said in the release. "The extraordinary demand we are experiencing shows how ready the market is for thoughtful, future-forward development that enhances the neighborhood and brings new energy to Lincoln Road.”
Lincoln Road is Miami Beach’s central commercial corridor, with the pedestrian-only street stretching over half a mile between Altorn Road and Collins Avenue from east to west. The outdoor mall is a global shopping destination, receiving 8 million visitors a year, according to figures from the mall's website.
Additional tenant amenities at Rivani Miami Beach, designed by Rockwell Group, include a dedicated concierge team, valet, conference rooms, access to Monarch Athletic Club’s performance and recovery facility alongside h.wood's speakeasy, and access to members-only experiences and events.