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MIAMI BEACH-Locally based WSG Development Co. has acquired the six-story Meridian Center at 1680 Meridian Ave. from Brooklyn-based Leviev Boymelgreen for $15 million.

Built in the late 1950s, the Meridian Center is adjacent to Lincoln Road and has 61,000 sf of office and retail space. WSG president Eric Sheppard tells GlobeSt.com that the company purchased the building because it is strategically located in an area where the office market is hot. “The building has been there for a long time,” Sheppard says. “And the office market there is on the up. A lot of companies want to have offices there.”

Leviev Boymelgreen sold the building as part of an ongoing effort to sell many of its Miami properties. In addition to purchasing the building, WSG plans to relocate its corporate headquarters from 400 Arthur Godfrey Rd. to the top floor of the building. The building recently underwent extensive renovations, including the inclusion of hurricane-resistant windows. In addition to leasing space, WSG plans to offer space to be purchased as office condominiums. Marketing efforts will begin in late summer with prices starting at $400 per sf. In addition, valet services will be added to attract more retail and professional service businesses.

The Meridian Center is the third commercial building in WSG’s portfolio. The company plans to acquire more in the future. “We’re looking at other deals. We’re hoping to close one in Downtown Miami within the next few months,” Sheppard says.

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