The new offices will diversify Miami Beach as the city traditionally has been an entertainment destination, leaving it prone to hard economic hits during the coronavirus pandemic when hotels, restaurants and bars closed.

A joint venture of Related Group and Block Capital sold the property.

The buyer has ties to a California-based logistics real estate investor.

The firm took out a 10-year lease.

Developed in the late 1980s, the property is next to Pebb's headquarters.

Universal Health Services has several existing health care facilities in South Florida, including an emergency room and behavioral centers.

Although big tenants like WeWork scaled back on their office leases, interest from financial firms in South Florida makes for an optimistic outlook.

The suit claims the master association has disproportionately burdened owners of uncombined lots and units, which is the majority of owners, with a higher share of assessments and other dues.