In a move that signals a shift in South Beach’s real estate landscape, the 20,000-square-foot Office Depot site has been sold for $28.5 million. This sale, announced on June 25, 2025, marks the end of an era for the office supply store, which has been a fixture in the Sunset Harbour neighborhood for over two decades. While Office Depot remains open for business—at least for now—the new owners of the property have big plans for what’s to come.
A Prime South Beach Location
The property, located at 1771 West Avenue, sits at the heart of the chic and rapidly evolving Sunset Harbour area, one of South Beach’s most desirable neighborhoods. With its proximity to trendy hotspots like Pura Vida, Barry’s fitness center, and Sunset Padel, the site’s location alone makes it a prime target for future high-end development. As a result, it’s no surprise that the sale price—$28.5 million—was well above the property’s most recent county appraisal of $10.8 million.
The Deal: Who’s Behind the Purchase?
A Big Purchase with a Big Vision
The buyer of the property is EOS Wellness Real Estate Miami LLC, a company whose officials declined to comment or share their plans for the property. Jordan Karp, one of the brokers involved in the deal, along with Aaron Butler of Avenue Real Estate Partners, represented the buyer in this transaction. Paul Snitkin of Anderson Carr worked on behalf of the seller, George Jay Ltd Partnership, the previous owner of the site.
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The sale was not without competition. According to Snitkin, the property had been on the market for nine months, and while there were higher offers than the final $28.5 million, the deal moved forward with this buyer because of their strong qualifications. The original asking price for the property was $39 million, suggesting that while the deal was slightly below expectations, it still represents a significant sale for this prime piece of South Beach real estate.
What’s Next for the Office Depot Property?
Office Depot’s Exit and Sunset Harbour’s Future
While the exact plans for the building’s future remain unclear, the sale of this iconic property raises the possibility of a transformation for the area. The Sunset Harbour neighborhood, already a hub for trendy restaurants, fitness centers, and boutique shopping, is likely to see even more high-end development in the coming years. The location’s prime real estate, combined with the growing demand for luxury properties in Miami Beach, makes it an attractive target for upscale redevelopment.
Though Office Depot is still operating for the time being, the company has been shrinking its footprint in the Miami area, with only 14 stores left in the region. It’s clear that this property, once home to a staple retail chain, will soon be part of Miami Beach’s evolving luxury landscape.
A Neighborhood in Transformation
“It’s an iconic piece of property,” Karp said of the site. The sale of this site reflects the broader transformation taking place in South Beach, where traditional retail spaces are being replaced with luxury residential and commercial developments to meet the demands of a growing, affluent population.
For the buyer, this purchase represents a unique opportunity to capitalize on a location that is rapidly becoming one of the most sought-after in Miami Beach. Whether it’s for residential development, commercial expansion, or a mixed-use project, the potential for this property is enormous.
A Growing Trend in South Beach Real Estate
As the Sunset Harbour area continues to evolve, the sale of the Office Depot site at 1771 West Avenue is just one example of the larger trend of upscale redevelopment taking place in South Beach. The market in this area remains hot, and with its high-end amenities, vibrant neighborhood, and proximity to the water, this property is poised to be part of the next wave of luxury development in Miami Beach.