Business 4 min read By Bethany Hadley
Miami's $100M Class X Office Bets on Wellness for Wealthy Tenants
A Beverly Hills-born developer has turned a Miami Beach building into a $100 million wellness-focused office campus, betting that wealthy newcomers fleeing New York and California will pay premium rents for stem cell clinics, saunas and a Vegas-style valet.
A Beverly Hills-born developer is betting that Miami's influx of wealthy residents will pay premium rents for an office building that feels more like a five-star resort than a workplace. Robert Rivani has completed a $100 million redevelopment of 1691 Michigan Ave., steps from Lincoln Road in Miami Beach, branding the 163,000-square-foot property as «Class X».
The building, formerly known as The Lincoln, was bought for $62.5 million in 2024 and redesigned by the Rockwell Group. Its amenity deck includes a Monarch Athletic Club performance centre with a cold plunge and sauna — the California brand's first location outside its home state — alongside a stem cell clinic, a longevity doctor administering peptides, an omakase restaurant, a members-only speakeasy, a concierge and a hospitality director.
Rivani told Fortune that the valet is intended to make an immediate impression. «Our valet is supposed to be this shock-and-awe, Vegas-style valet,» he said. «You have a twinkle-light ceiling. As soon as you hit the pavement, it follows your car all the way through in the valet with 150 feet of linear waterfall.»
The project is a direct wager against the narrative that the office market is cratering. Rivani said he deliberately moves into asset classes as others write them off. «When everyone thinks it's falling apart,» he said, «that's when we're jumping in.» He dismissed on-site gym memberships and free snacks offered by other landlords as gimmicks, arguing that a gym, doctor, wellness suite and happy hour under one roof constitute a different proposition.
Rivani said his own experience with autoimmune issues shaped the wellness focus. «The [two things] money can't buy are time and health,» he said. «And that's where the concept came together. I said: 'Okay, we're not doing office. We are defining what office should look, feel, act like.'»
The strategy has attracted high-profile tenants. Playboy is relocating its global headquarters from Los Angeles to a 20,000-square-foot penthouse on a 10-year lease. Shark Tank star Daymond John has signed on, as have Morgan Stanley, Wix, Raymond James, Comcast and Coldwell, along with a roster of longevity and medical practices. Rivani said the building was roughly 90% pre-leased before opening, with rents approaching $175 per square foot — a figure he calls «pretty much unheard of.»
The demand reflects a broader shift in South Florida's wealth profile. In 2025, a Miami home sold for more than $100 million for the first time. Jeff Bezos has assembled more than $230 million in property on Indian Creek Island, the guarded enclave known as the «Billionaire Bunker,» and Citadel chief executive Ken Griffin moved his company's headquarters there. Mark Zuckerberg, Larry Page and Peter Thiel have also bought property in the area. According to data published earlier this year, 19 of Florida's 20 richest billionaires now reside in Miami-Dade County.
The pull is familiar: no state income tax, year-round sun and a business-friendly climate that COVID-era remote work only improved. Miami's millionaire population has grown 75% in a decade, at least partly driven by heat from California's Proposition 40, a proposed one-time 5% wealth tax on billionaires that has prompted some Californians to move east.
A second phase is already planned atop the parking garage, adding a restaurant, more office space and rooftop padel courts. Beyond that, Rivani wants to take Class X national, with members able to use amenities across cities in the manner of an office version of Soho House. He is targeting a fundraise in 2027 once the concept is proven, having so far bootstrapped the entire venture. «We've not raised a penny to date,» he said.
