Joining a significant portfolio of Miami Beach assets including the famed Raleigh Hotel, this acquisition builds upon an established SHVO commitment to Miami Beach.  In partnership with Deutsche Finance America, the acquisition closed June 3rd for $39.3 million. 

SHVO plans to develop unique Class A commercial space with renowned design firm Foster + Partners, recognized internationally for conceiving state-of-the-art office space. The first Foster + Partners office building in Miami Beach, this development builds upon SHVO's collaboration with Foster + Partners at Transamerica Pyramid Center in San Francisco. Kobi Karp Architects will reinforce this vision as local veteran expertise.  The Alton is slated for an emphatic commitment to quality, sustainability, and a conscious initiative to elevate the standard of Miami Beach office space.

Lord Norman Foster, Founder and Executive Chairman of Foster + Partners, said "Our design is inspired by the climate and vegetation of Florida to create a protected courtyard and to merge the workplace with nature and the outdoors.  The Alton will be a model of healthy lifestyle and sustainability."

"The Alton is an exceptional opportunity to elevate office space to a global audience and cultural significance— featuring an above and beyond sustainability commitment, tailored super prime office space and quality unparalleled in Miami Beach," said Michael Shvo, Chairman and Chief Executive Officer.  

Outdoor space is a vital amenity and signature to the proposed setback massing. The site embraces high-design and execution potential slated to raise Miami Beach commercial space standards.

SHVO is committed to high-performance and high-design commercial properties as demonstrated by additional portfolio assets 711 Fifth Avenue and 530 Broadway in New York, and 333 South Wabash Avenue in Chicago.