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Tricera Capital, Related Group Announce Schonfeld Strategic Advisors Lease Expansion At Wynwood’s The Dorsey

Tricera Capital, the Miami-based commercial real estate firm led by Ben Mandell, Alex Karakhanian’s LNDMRK Development and market leader Related Group finalized a lease expansion with New York-based hedge fund Schonfeld Strategic Advisors at the partnership’s Dorsey in the Wynwood neighborhood.

Schonfeld is doubling its office space at the Dorsey, adding a second floor to its previous lease at the mixed-use development. The lease expansion brings the Dorsey’s office component to 100-percent occupancy.

The roughly 18,000-square-foot lease expansion brings Schonfeld’s total Dorsey footprint to about 37,000 square feet. Terms of the lease were not disclosed.

“This is a testament to the quality of not only the Dorsey, but the Wynwood neighborhood as a whole,” Related President Jon Paul Perez said. “Firms like these can go anywhere in South Florida, but Wynwood is at the top of every list. The neighborhood has truly hit its stride and we look forward to continuing to drive its thoughtful growth.”

Tricera, LNDMRK and Related teamed up to develop the Dorsey, with renowned Arquitectonica designing the project. The property includes more than 300 apartments, 78,000 square feet of office, 33,000 square feet of retail and ample parking and open space.

“This is another example of high-profile financial firms showing their commitment to the Miami office market, with Wynwood remaining especially attractive to these firms,” Tricera President/Head of Leasing Dustin Ballard said. “The pandemic-era corporate migration to South Florida continues to take shape, as our region’s office sector keeps outperforming other major U.S. metropolitan areas. Relocation demand is still incredibly high as we begin 2023.”

Randy Abend and Paul Mas of JLL’s New York office and Matthew Goodman, formerly with JLL’s Miami office, represented Schonfeld in the Dorsey lease, while Cameron Tallon, Emily Brais, Eric Groffman and Randy Carballo of CBRE represented ownership.


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Cube Wynwd Trades For $62 Million

Tricera Capital, the Miami-based commercial real estate firm led by Ben Mandell, and Alex Karakanhian’s LNDMRK Development closed the $62 million sale of the Cube Wynwd office building in Miami’s popular Wynwood neighborhood.

The sale to Brick & Timber Collective closed on Dec. 13. As part of the transaction, Tricera and LNDMRK retained an undisclosed ownership stake in Cube Wynwd. Tricera and LNDMRK originally acquired the 100,000-square-foot office building, which includes ground-floor retail, rooftop space and parking, for $28 million in an April 2021 off-market deal.

“We are thrilled with the execution of our business plan for Cube Wynwd, culminating in this significant disposition,” Tricera Chief Financial Officer Christian Ramirez said. “This investment underscores the depth and versatility of Tricera 2.0, as we tapped into our robust acquisitions and asset management divisions, top-tier leasing professionals, team members with development experience and real estate finance experts. We look forward to replicating the model at our many other investments and developments.”

Tony Arellano of DWNTWN Realty Advisors represented both buyer and seller in the transaction.

Prior to completing the disposition, Tricera finalized a five-year lease with Boston’s Northeastern University to occupy the 10,976-square-foot fifth floor of the 222 NW 24th St. building. Northeastern plans to operate a brand-new graduate degree program tailored to working professionals in Miami’s rapidly growing fintech industry.

The Northeastern deal maintains Cube’s 100% leased status, as investment firm Schonfeld Strategic Advisors is set to relocate from Cube to The Dorsey, a Wynwood mixed-use building Tricera and LNDMRK partnered with The Related Group to develop. Schonfeld is expected to move to The Dorsey in early 2023.

“Northeastern’s lease at Cube is yet another example of where Wynwood’s office market is headed and reinforces the building’s incredible tenant mix,” Tricera President/Head of Leasing Dustin Ballard said. “It is exciting that local fintech professionals will have an opportunity to pursue a graduate degree from a renowned university. That will help take the fintech sector – and the City of Miami – to build upon the accomplishments and growth of the past few years.”

Additional Cube tenants include, Ecuadorean fintech firm Kushki, Shaolin Capital Management, Brazilian footwear manufacturer Grendene, office supply and furniture online retailer Poppin, tech firm Transmit, and more.


Source:  CRE-sources


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The Gateway At Wynwood Office Building Tops Off

New York-based R&B Realty Group has topped off The Gateway at Wynwood, one of the first Class A office buildings of this scale to rise in this robust neighborhood, and Miami’s newest office market.

The general contractor Plaza Construction poured the roof of the 13-story building in November, ahead of schedule. The building will be completed in the second half of 2021.

The Gateway at Wynwood, located on the border of the iconic Wynwood and Midtown neighborhoods, will offer about 195,000 square feet of leasable Class A office space and nearly 25,900 square feet of prime street-level retail space. Designed by renowned architect Kobi Karp, the environmentally-responsible, 460,000-square-foot building boasts flexible floorplans, a private rooftop terrace, floor-to-ceiling windows, 24/7 on-site security, and 2:1,000 on-site covered parking.

“This is one of the most important moments in the construction of a commercial project, especially as we are ahead of schedule amidst the pandemic,” said Shelby Rosenberg, Principal of R&B Realty Group. “We are excited to see The Gateway at Wynwood is a step closer to reality. Our project will contribute to the transformation of Wynwood into a 15-minute city, where people can access their office, home, the grocery store, restaurants, and more within a 15 minute walk. We want to thank the city, the area’s stakeholders, our construction and design team, and all our partners for trusting us and helping The Gateway at Wynwood reach this important milestone.”

“Despite the challenges that COVID-19 has posed across our industry, we are proud to have been able to reach this milestone on time and without incident,” said Brad Meltzer, president of Plaza Construction. ” We prioritized the health and safety of all stakeholders with great success, and we look forward to continuing to deliver exemplary construction services to the South Florida market and beyond.”

R&B Realty’s vision for Wynwood has helped fuel a new office submarket in Miami, creating competition for more established office markets such as downtown Miami, Brickell, Aventura and Coral Gables. Already, several big-name companies have made Wynwood their home, including Spotify, Live Nation and WeWork. Other companies looking at the area include Apple Music, Google, Dentsu and other creative marketing agencies.

“We are actively engaged with prospective tenants that are attracted to Wynwood because of its ‘live, work, play’ environment,” said Stephen Rutchik, Colliers International Florida’s Executive Managing Director | Office Services, who handles office leasing for The Gateway at Wynwood. “This area has become a mecca for art, food, and entertainment just north of downtown Miami. While a few companies are hesitant to sign new leases just now, they do know exactly where they want to be … and that is Wynwood. We expect many of the deals in the pipeline for The Gateway at Wynwood will come to fruition as we get closer to completing the building later next year.”

The Gateway at Wynwood is located minutes away from downtown Miami, Aventura and Miami Beach as well as Brightline’s Miami Central, Miami International Airport and PortMiami – the cruise capital of the world. Strategically located near Interstate 95, The Gateway at Wynwood can be easily accessed from Fort Lauderdale and West Palm Beach to the north. The Gateway at Wynwood is also bordered by the Wynwood Arts District, Midtown Miami, Edgewater and the Miami Design District, which are among South Florida’s fastest-growing residential and commercial destinations.

“There are many unique characteristics of the building that will offer a great flair to the neighborhood,” added Taras Diakiwski, Managing Principal of Modern Building Group, the Project’s Construction Manager and Owner’s Representative. “The entire team looks forward to continuing to push the schedule to an on time or early completion while building safely and ensuring the highest level of quality.”

While the area has seen significant change over the past five years, the next five years will bring even greater change as new construction is underway that will aid in Wynwood’s evolution. In the next few years, the total supply of buildings in the Wynwood area is projected to increase by 35% to around 5.3 million square feet, based on projects under construction and in the planning stages.

With the continued growth of the multifamily market, there will be an increased demand for office space. The full-time population in Wynwood will increase by 1,206 persons based on delivery of 464 units under a market average of 2.6 persons per household. At the same time, the population in the nearby greater downtown Miami area has grown significantly in recent years. Greater Downtown’s population was 92,235 people in 2018, and the Downtown Development Authority estimates the population has increased by nearly 3,700 people since 2016, about 4% growth in two years. This equates to over 1,500 people moving to Downtown a year. That’s important because people, especially decision-makers, like their offices to be close to their homes. Wynwood is the perfect office submarket for them to move their offices to. There is a direct correlation between the area’s population’s growth and the rise of Wynwood as an office submarket.

Colliers International’s Stephen Rutchik and Tom Farmer are handling office leasing for the project, and CBRE’s Alex Cesar and Drew Schaul are handling retail leasing.


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