Image courtesy of RIVANI
Playboy has signed a 10-year lease at The Rivani, a 161,448-square-foot, Class X office building in Miami Beach, Fla. The company will relocate its global headquarters from Los Angeles to a 20,000-square-foot penthouse office suite, as reported by The Real Deal. Cushman & Wakefield’s Tony Jones represented the tenant, while Newmark’s Jeremy Hakala negotiated on behalf of the landlord.
As part of the corporate relocation, Playboy is developing a members-only club in Miami Beach, in partnership with a hospitality firm. The venue will include a restaurant and a private space inspired by the former Playboy Mansion. Plans also call for the establishment of content studios, with capabilities for podcasting, photography and other digital production.
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Black Lion Investment Group acquired the office building at 1691 Michigan Ave.—previously known as The Lincoln—in 2024 by for $62.5 million. Originally completed in 2003 and held under a ground lease with the City of Miami Beach, the property includes 116,658 square feet of office space, 43,166 square feet of retail and 318,000 square feet of parking.
The firm led by President Robert Rivani—now rebranded as RIVANI—invested $100 million to redevelop and reposition the six-story asset into a luxury office property designed by Rockwell Group and Escala Forma Studio.
Marketed as a Class X concept, The Rivani introduces a new tier of office design that prioritizes hospitality, wellness and lifestyle features beyond traditional Class A standards. Amenities include a full-service concierge, world-class spa, fitness and wellness center, meditation room, living room-style meeting spaces and private event venues, among others.
Miami’s hot office market
Miami’s office market posted strong mid-year fundamentals, according to a recent Yardi Matrix report. Despite elevated vacancy rates across most major U.S. metros, the city recorded the lowest figure among the top 25 markets at the end of the second quarter.
Miami’s office vacancy rate stood at 14.3 percent in June—well below the national average of 19.4 percent, despite a 230-basis-point increase year-over-year. The metro posted the lowest vacancy rate among major U.S. markets. Average asking rents reached $56.97 per square foot, placing Miami third nationally after Manhattan ($67.97 per square foot) and San Francisco ($63.01 per square foot).
Investment activity remained moderated, as the metro’s office sales volume amounted to only $330 million year-to-date as of June. However, its under-construction projects totaled approximately 1.5 million square feet, placing Miami on the third position nationally for pipeline size.