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WeWork’s Last Remaining Miami Beach Office Is Up In The Air

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Major coworking space operator WeWork submitted a move to revoke the lease at its Miami Beach facility.

Based in New York, WeWork submitted a motion to the United States Bankruptcy Court District of New Jersey to reject two leases on April 16. One of the leases is in South Beach at 429 Lenox Avenue. The other is in Irvine, California. On May 31, WeWork may terminate both leases, per court filings.

A spokeswoman for WeWork said the company wants to remain at Lenox Avenue, but has to make preparations to exit in case a deal can’t be worked out. WeWork is the sole tenant in the five-story building.


Source:  SFBJ

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Gridline Properties Signs Leases With Monster Energy, 7 Others At Wynwood Office Building, Achieving 100% Occupancy

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Gridline Properties has closed eight lease agreements totaling nearly 40,000 square feet of space on behalf of commercial real estate investor and landlord, Big Move Properties, marking 100 percent occupancy of the newly renovated office building at 1900 NE Miami Ct.

Leasing Director and Senior Associate Emilia Howard facilitated the lease transactions on behalf of the landlord for the centrally located building at the intersection of Wynwood and Downtown Miami.

The three-floor office building, owned by Big Move Properties, is known as ‘The Sky Building’ and spans a total of 58,500 square feet. The new tenants will reside on the second and third floor, totaling nearly 40,000 square feet. The first floor was previously leased. The building was recently renovated, designed by interior design firm, ReDefine Design, to include modern, loft style offices with glass partitions, LED lights, natural light, high ceilings and exposed, artistic brick walls. Big Move Properties offers tenants build-to-spec office options. Located along North Miami Avenue, Wynwood’s most trafficked artery, the property offers easy access and walking distance proximity to many Wynwood eateries.

Leases were signed with Touchland LLC, Seitrack US, 4Eon, Building Drops, Supply Caddy, Aroma 360, MicroDesign, Sherpa, and Monster Energy, newcomer to the market. All tenants have moved in, except for Monster Energy, which is slated to move in in early May. Details of the newly signed leases and tenants can be found below.

  • Monster Energy – Company that produces a variety of energy drinks, coffee drinks, hydrating sports drinks, juices, teas, beer and alcoholic beverages. | Leased 7,932 square feet | Represented by Vivian Gonzalez and John Marshall of Cushman and Wakefield
  • Aroma 360 – A luxury scenting company that provides scenting solutions for homes, businesses, and commercial spaces – even cars. | Leased 9,588 square feet | Represented by Gridline Properties
  • Supply Caddy – A leading global manufacturer and supplier of packaging and disposables for the food service industry. | Leased 4,298 square feet | Represented by Carlyle Coffin of Stream Realty Partners – Florida
  • Touchland LLC – An award-winning lifestyle brand that produces a unique hand sanitizing mist experience in a variety of scents. | Leased 2,927 square feet | Represented by Emilia Howard of Gridline Properties
  • Seitrack US – Artist management and booking agency specializing in key areas for artistic development. | Leased 2,625 square feet | Represented by Emilia Howard of Gridline Properties
  • Building Drops – A structural engineering consulting company with a focus on the glazing industry. | Leased 3,375 square feet | Represented by Mateo Romero of Gridline Properties
  • Mircro Design & Sherpa – The two full-service food & beverage design companies will share an office. | Leased 2,550 square feet | Represented by Gridline Properties
  • 4EON – A leading, full-service experiential marketing agency that specializes in merging both the live and digital worlds for top global brands. | Leased 1,334 square feet | Represented by Luca Migliore of Gary Hennes Realtors

Despite market challenges with office leasing, Gridline Properties was able to secure a strong roster of local and institutional tenants to this adaptive reuse project in the Wynwood neighborhood.

“The success we’ve had while leasing this building proves that Wynwood continues to appeal to growing businesses,” said Emilia Howard, Leasing Director and Senior Associate at Gridline Properties. “We are thrilled to have guided these tenants through the leasing process and to work with a visionary landlord like Big Move Properties that continues to meet the evolving needs of today’s businesses.”

Big Move Properties is a commercial real estate development firm specializing in unique, creative spaces customized for businesses seeking to capitalize on the energy of Miami’s most exciting neighborhoods including Wynwood, Allapattah and Little River.

“The Sky Building is an idyllic property that embodies the essence of Wynwood and offers a dynamic work environment for tenants,” said Doug Levine, Chief Executive Officer of Big Move Properties. “We enjoyed working with Gridline Properties throughout this process and are excited to welcome our new tenants.”


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Sumaida + Khurana Proposes Five-Story Office Building In South Beach

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Less than a year after starting construction of the Fifth Miami Beach office project, Sumaida + Khurana is proposing a second office building in the city.

New York-based Sumaida + Khurana, led by Amit Khurana and Saif Sumaida, wants to develop the 101,400-square-foot building with a ground-floor restaurant on a 0.8-acre lot at 1100 Fifth Street, near the MacArthur Causeway exit ramp, according to the firm’s filing to the city.

The property owners, Roslyn and Norton Nesis, as well as Robert and Miriam Weiss of Weiss Properties, are partnering on the project.

The building is designed by Pritzker Architecture Prize-winner Eduardo Souto de Moura, in collaboration with Zyscovich and Gabellini Sheppard.

The Miami Beach Planning Board is expected to vote on the project at its meeting on April 25.

If approved, construction is expected to start in the middle of next year, and completion is expected in the summer of 2026, Khurana said.


Source:  The Real Deal

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The Gateway at Wynwood Targeted In $101.7 Million Foreclosure Lawsuit

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A $101.7 million foreclosure complaint was filed against the Gateway at Wynwood office complex and a nearby bank office.

On March 19, Wilmington Trust, a commercial mortgage-backed securities (CMBS) trust, filed a foreclosure complaint against 2830 Wynwood Properties and Gateway at Wynwood LLC.

The 14-story office building at 2916 N. Miami Ave. is targeted for seizure by the lender. With 490 parking spaces, 25,000 square feet of retail space, and over 200,000 square feet of office space, it has a total area of 418,337 square feet. On the 1.11-acre plot, it was finished in 2021. The 5,187-square-foot Chase Bank bank branch at 2994 N. Miami Ave. is also the subject of the case. The building, which occupies 11,383 square feet, was bought by 2830 Wynwood Properties in 2015 for $7.4 million.

In February 2023, A10 Capital granted $109.7 million in mortgages to Gateway at Wynwood and $3.3 million to 2830 Wynwood Properties. The loans represented a refinancing of the office building’s construction loan. Afterwards, the loans were moved to a CMBS fund by A10 Capital. In accordance with the lawsuit, the borrowers owe $98.68 million and $3.04 million, respectively, plus interest and fees, after they stopped making payments on the loans on December 1, 2023.

On February 27, the lender sent a letter to Aron Rosenberg of R&B Realty in New York, requesting repayment of the debt.

The Gateway at Wynwood was one of the first office buildings constructed in the Wynwood area. According to a recent online listing, 80,031 square feet of space in Gateway at Wynwood is available for lease. The asking rate was $70 per square foot.


Source:  SFBJ


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Aventura MOB Under Construction Hit With Foreclosure Suit

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A 142K SF medical office building under construction in Aventura is the subject of a foreclosure lawsuit while its developer looks to sell it for $90M.

An affiliate of Rok Lending filed suit against Gomez Development Group alleging that the Miami-based developer has defaulted on a $15M loan for the property at 21291 NE 28th Ave., where Gomez is building a speculative medical office building.

The suit from Aventura-based Rok alleges that Gomez Development entered into the mortgage in May but stopped making monthly payments on the debt in July. Rok is seeking a $16M judgment to recover the loan’s principal, interest and fees, and asked the court to also allow the firm to recover attorneys’ fees.

Rok is suing Aventura Eco-Offices Property Owner LLC, an affiliate of Gomez Development, and the firm’s managing partner, Marlon Gomez, who personally guaranteed the debt, the lender claims. The suit was compiled by property intelligence platform Vizzda.

Gomez is negotiating with a new lender to refinance the debt and maintain control of the property, he wrote in an email.

“While our project faced hurdles securing construction financing these last few months due to challenges many lenders are facing with their current portfolios, we’ve found a new private lender to work on refinancing our current loan and enabling us to utilize CPace as an alternative financing to fully capitalize and complete our project,” Gomez told Bisnow

Gomez paid $19M for the 1.6-acre site in October 2021, property records indicate. His firm secured a $45M loan from Los Angeles-based Parkview Financial in 2021 to begin construction on the planned seven-story medical office with a four-level parking garage adjacent to Aventura Hospital and Medical Center.

The project, designed by Miami-based Caymares Martin, was originally slated to deliver by the end of 2022 but remains under construction. The Parkview loan was fully paid off last year with a final closing balance of around $10M, Karina Parada, the firm’s marketing director, told Bisnow.

Gomez said the Rok funding helped pay down the Parkview loan and also covered costs on pre-development and site utilities, infrastructure and foundation work, which is now completed. Vertical construction has commenced and the firm is aiming to deliver the building before the end of the year, Gomez said.

The unfinished project is being listed for sale by Fortune International Realty broker Cesar Sanchez. The building will seek LEED Gold Certification and will include around 100K SF of rentable medical office space and a 5K SF ground-floor retail space, according to a marketing brochure for the property.

“We are confident in our project’s value, with our land’s value doubling that of our current loan and we are communicating openly with our current lender regardless of any claims being made,” Gomez said. 


Source:  Bisnow

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$38 Million Mixed-Use Redevelopment Proposed In Miami Beach

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Architecture firm Giller & Giller wants to redevelop a trio of short retail buildings into a $38 million, mixed-use complex, according to a filing to The Miami Beach Planning Board, which will hear the proposal March 26.

Called the Giller Tower, the seven-story development would total 102,701 square feet at 3915 Alton Road, at the intersection with 41st Street near the Julia Tuttle Causeway. The ground floor would house retail space, floors two to four would be dedicated to parking, and the remaining stories would house 50,000 square feet of offices.

The property currently holds three low-rise retail buildings that were constructed between 1938 and 1954 and are leased to UPSMiami Fresh Fish Market, and restaurants such as Bagel Time Cafe and Grill House. Giller & Giller, a local architecture firm founded in 1944 that’s now led by Ira Giller, is based across the street at the historic, MiMo-style Giller Building.

While Giller & Giller would occupy a small portion of the proposed development, likely 2,000 square feet, “This is primarily a commercial office building leasing venture,” Ira Giller told Commercial Observer. “I think there’s a demand for new Class A office space in Miami Beach.”

Giller estimates that the development will cost $38 million. Construction could begin in early 2025.

The Giller family assembled the half-acre of property between 1980 and 1983, paying $730,000 in total, according to property records.


Source:  Commercial Observer


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Calta Completes Allapattah Assemblage Slated For Mixed-Use Project

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Calta Group purchased a 0.3-acre office property in Allapattah that completes an assemblage for Revv at the River District, a planned mixed-use project featuring workforce housing.

The Coral Gables-based developer is in the midst of a $47.2 million buying binge in Allapattah with plans to build four new projects. The firm’s latest acquisition, a $7.2 million purchase of a seven-story building at 1469 Northwest 13th Terrace, will be coupled with another 0.7-acre adjacent site for Calta’s first planned project.

Miami-based Benworth Capital provided Calta with a $9.4 million cross-collateralized loan for the acquisition, records and Vizzda show.

The property’s seller, an entity controlled by Miami-based Alisa Capital managing partner Arturo Siso, paid $5.9 million in 2012.


Source:  The Real Deal

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New Class A Office Planned For South Beach

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An approved plan calls for the construction of a new Class A office building in South Beach by premium real estate developer Shvo.

The Miami Beach Planning Board unanimously approved the construction of One Soundscape Park on January 30, according to Michael Shvo, CEO and Chairman of the real estate development company. Located at 1665-1667 Washington Ave., this five-story Class A office building spans 62,500 square feet and is situated across from both SoundScape Park and the New World Symphony.

According to a press release, the project would be the first office structure built by Peter Marino Architect, a 160-person architecture business based in New York that Marino started in 1978. The building will have a roof terrace, on-site valet parking, and a private porte-cochere entrance with vertical gardens. It will be co-designed by Miami-based firm Kobi Karp Architects.


Source:  SFBJ

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Developer Proposes 120K SF Office With Studio Apartments In Aventura

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Privé Group is planning to build 120K SF of office space in the Ojus neighborhood near the Aventura Mall.

The Aventura-based investment and development firm filed a pre-application on Wednesday seeking approval from the county to build an 11-story office building and a small residential building connected by a seven-story parking garage at 18802 and 18820 W. Dixie Highway.

The Arquitectonica-designed development is called Aventura Office Center in a site plan for the three structures submitted with the application. The office building includes 4,400 SF of ground-floor commercial space and a rooftop terrace with landscape architecture from the Miami office of Enea, which is headquartered in Switzerland.

The office would front Dixie Highway with a two-story residential building set in the rear of the 1.32-acre site behind the parking garage. Privé is planning 12 studio units at the building sized at around 380 SF each.

Floor plates at the office building would span around 14K SF, with elevators, staircases and bathrooms in the core of the building.

The proposal is an update to plans submitted more than six years ago called Aventura Square. A local community council approved plans in June 2017 for Privé to build 94K SF of office condos, 5,700 SF of retail and 340 parking spaces on the site, the South Florida Business Journal reported. The council also approved up to 12 apartments at the property.

The original plans called for an eight-story building, but zoning rules have since been modified to allow buildings up to 12 and 15 stories in the Ojus District, allowing Privé to submit its 11-story plan, according to the letter of intent submitted by Vazquez with the application.

Source:  Bisnow

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Developers Secure $47M For Rare South Of Fifth Office Building In Miami Beach

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Real estate firms Sumaida + Khurana and Bizzi + Bilgili have secured $47.25 million in construction financing for The Fifth Miami Beach.

The five-story project designed by Spanish architect Alberto Campo Baeza is the first office development to be built in Miami Beach’s swanky South of Fifth neighborhood in decades. It will be Campo Baeza’s first Miami project and first commercial building in the United States.


Source:  Commercial Observer

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