MIAMI—200 Southeast First Building, a 12-story class A office building with ground-floor retail in the heart of Miami's Central Business District, just hit the market. The list price: $38 million.

Institutional Property Advisors (IPA), a division of Marcus & Millichap, just listed the office asset. IPA senior director Douglas K. Mandel and director Benjamin H. Silver are representing the seller, a Miami-based real estate company.

“With its high-class finishes, unmatched location and amenities, plus an immense level of value-add upside potential through lease-up and rent escalation, the 200 Southeast First Building is poised to take advantage of the explosive growth happening in Downtown Miami,” says Silver. “The property's rental rates are approximately half of those of similar-class buildings on Brickell Avenue.”

The 200 Southeast First Street Building sits a few blocks from Brickell Avenue on the north of the end of the Interstate 95 downtown interchange. The building offers 141,682 rentable square feet at the epicenter of the city's booming construction and redevelopment area.

“The property just underwent a multi-million-dollar renovation that included a new exterior façade and signage, lobby upgrades, elevator and corridor finishes, new digital security cameras and access control with card-swipe entry, a new fire and life safety panel and a new HVAC chiller,” says Silver. 200 Southeast First Street is surrounded by cafés, restaurants, shops, hotels and other amenities.