MIAMI—There's been plenty of talk about office condos in recent weeks. Now, Newgard Development Group and Midgard Management Company are taking the next step toward putting office condos in investors' hands, appointing Fortune International Realty as the sales firm for One Flagler, a boutique office condo building in Downtown Miami.

“Our target remains the international buyer pool, with Latin Americans topping the list,” Harvey Hernandez, chairman and managing director for Newgard, tells GlobeSt.com. “We're presenting One Flagler as an opportunity to own a piece of Downtown Miami's office market at prices well below replacement cost.”

Located at 14 NE First Avenue, One Flagler is offering 14 floors of office condos, spanning 143,000 square feet of sellable and leasable space with views of the downtown Miami skyline and the Atlantic Ocean. Famed architect Morris Lapidus, who is best known for his curvy neo-baroque hotel designs considered revolutionary in his day—and the creative mind behind the Eden Roc Miami Beach Hotel, the Fontainebleau Hotel in Miami Beach, and Lincoln Road—designed One Flagler in 1952.

“Downtown Miami is an international center for business, where companies from around the world want to be located to expand their reach into Latin America and beyond,” says Fabio Faerman, commercial division director at Fortune and sales director for One Flagler. “That global status, along with the central location and iconic design of One Flagler, make it an ideal investment for buyers looking to diversify their portfolio, while making income from day one because the offices are already leased.”

Newgard and Florida Real Estate Companies, another firm that's offering office condos in Downtown Miami, have good timing. About 750,000 square feet of office space has been absorbed in Miami's urban core since the recession, according to a recent Miami Downtown Development Authority report. The report also reveals the office vacancy rate in Downtown Miami has dramatically decreased in recent years and that trend is expected to continue, buoyed by the residential growth in the area.

One Flagler was one of the most modern buildings in the United States when it opened in 1952 as the Ainsley Building. The joint venture is investing $10 million in building upgrades, including renovations to the lobby, office spaces, common areas, and restrooms. Elevators, electrical and HVAC systems are also being updated. Click here to read an exclusive interview with Hernandez about why his firm is betting on office condos in Miami or get inside the condo conversion process in this exclusive article.