Acquired in a distressed purchase in 2009, One Flagler is a 15 Story boutique office building, located in the heart of Downtown Miami Central Business District on East Flagler Street and NE 1st Avenue. The building was originally designed by architect Morris Lapidus, creator of the Fontainebleau in Miami Beach, and built in 1952. One Flagler featured Miami’s first curtain wall construction.
Upon taking possession, Midgard invested $12 million in upgrades to office suites and building common areas including the lobby , interior corridors, common areas restrooms, elevators, HVAC and electrical systems. These upgrade earned a LEED Silver certification while maximizing Morris Lapidus’ timeless design and earning a City of Miami Historic Designation . Leasing efforts attracted attorneys, marketing firms, real estate firms, technology companies, and more.
Midgard partnered with Miami-based Newgard Development Group, offering the sale of One Flagler as Office Condos with Tenant Leases offering immediate returns to investors, selling out with 12 months.