No Comments

Wall Street Influx Continues With Miami Beach Lease of 12K SF

In another case of a New York financial firm setting up shop in South Florida, investment fund Pretium Partners has leased office space in Miami Beach.

Pretium Partners has taken 11,591 square feet at Eighteen Sunset, developer Deco Capital Group announced Thursday. The new building at 1769 Purdy Avenue is set to open in 2023.

Pretium Partners has a Miami Beach office at 1688 Meridian Avenue, according to the company’s website. It didn’t release details about how large that space is or whether it will vacate after it moves into the new building. Pretium is an owner of single-family rental properties, with a portfolio of 85,000 homes. Its assets under management exceed $50 billion.

Pretium Partners was founded by Don Mullen, a former partner at Goldman Sachs.

Tech and finance firms have been flocking to Miami Beach. Andreessen Horowitz, the venture capital firm also known as a16zinked a lease earlier this year at Barry Sternlicht’s development at 2340 Collins Avenue.

In another sign of new investment in the Miami Beach office market, the Miami Beach Preservation Board this week unanimously approved plans for major upgrades to 407 Lincoln Road, an office building famous for its rooftop clock.


Source:  Commercial Observer

No Comments

Five Class A Office Projects In The Development Pipeline For Miami Beach

Intent on diversifying its economy beyond tourism and nightlife, officials have heavily incentivized the construction of Class A office buildings in Miami Beach. The hope is that the new projects will lure tenants from the many technology, financial and venture capital businesses flocking to the area.

Those incentives include height increases in certain corridors, an office-friendly overlay district in Sunset Harbour, and a request for proposals for developers interested in building new offices on three city-owned parking lots by Lincoln Road. (The deadline for that RFP is Dec. 17).

As demand rises for workspaces on the multibillion-dollar sandbar, these are five Class A office projects in the pipeline to know about, according to a capital market list compiled by the Miami Beach-based commercial brokerage Koniver Stern:

Starwood Global Headquarters, 2340 Collins Ave.: A limited liability company connected to Starwood Capital Group took out a $76.2 million construction loan to build a six-story, 144,430-square-foot building that will serve as the headquarters for a real estate firm led by Barry Sternlicht. The firm has $100 billion worth of assets under management, employs 4,000 people in 16 offices worldwide, and controls the publicly traded mortgage investment company Starwood Property Trust (NYSE: STWD). Around 55% of the Starwood Global Headquarters office space will be used as the base of operations for 300 Starwood employees. The rest of the office building, which was co-developed by Miami-based Integra Investments, will be leased to third parties. The building will also have 8,000 square feet of retail, a 277-space parking garage, and “an array of outdoor wood-clad ‘cabanas’ on each floor,” according to a press statement issued by Starwood. Topped off in December 2020, the Starwood Global Headquarters is due to be completed by the end of the year.

The Bancroft, 1501 Collins Ave.: This hotel circa 1939 is being converted into Class A office space by Boca Raton-based Pebb Capital, Maxwelle Real Estate Group in downtown Miami, and Crescent Heights headquartered in Miami’s Edgewater. When the project is completed, The Bancroft will have 50,000 square feet of offices, four restaurants, and a 210-space underground parking garage.

One Island Park, 120 MacArthur Causeway: The Related Group scrapped its previous plans to construct a 90-unit condo at Terminal Island. Instead, the Coconut Grove real estate development company, headed by Jorge Pérez, will build an office complex totaling around 162,000 square feet in size with a rooftop restaurant, a four-level parking garage, a guard gate, and infrastructure to fuel up and service megayachts docked at the facility.

Eighteen Sunset, 1733 Purdy Ave.: This past November, developer Bradley Colmer of Deco Capital Group broke ground on the first brand new office building to be constructed within the Sunset Harbour Overlay District. The five-story project will include 40,000 square feet of offices, 17,000 square feet of retail, and a private penthouse residence with amenities that include an outdoor pool and hot tub.

944 Fifth St.: Two New York development firms, Sumaida + Khurana and Bizzi & Partners, are teaming up to build a 56,177-square-foot, Class A office building with high interior ceilings and a white façade. As previously reported by the South Florida Business Journal, this office building will also be the first to be designed by famed Spanish architect Alberto Campo Baeza. This project has yet to be named. It also has yet to obtain the 75-foot height limit it needs to move forward. Nevertheless, the development team aims to have the project completed by the summer of 2022.


Source:  SFBJ

No Comments

Deco Capital Breaks Ground On Mixed-Use Project In Miami Beach

Deco Capital broke ground on the Eighteen Sunset mixed-use project in the Sunset Harbour neighborhood of Miami Beach.

Sunset Land Associates LLC and SH Owner LLC, affiliates of Miami Beach-based Deco Capital Group, are building 40,000 square feet of offices, 17,000 square feet of commercial space and a massive 15,000-square-foot penthouse in five stories. The penthouse will also have 15,000 square feet of outdoor space.

On 0.77 acres at 1733-1759 Purdy Ave. and 1724-1752 Bay Road, Eighteen Sunset will overlook Maurice Gibb Park, giving tenants an unobstructed view of Biscayne Bay. It will be within walking distance of the popular restaurants and shops and Sunset Harbour.


Click here to read more about this story.

No Comments

First Mixed-Use Class A Office Space To Break Ground In Miami Beach

The first purpose-built Class A office space will rise in the Sunset Harbour district of Miami Beach after a mixed-use project won approval from the city commission last week.

With an influx of business and wealth migration to South Florida, many are looking at Miami Beach as a place to relocate.

Eighteen Sunset will span more than 60,000 square feet and offer luxury residential, retail and residential accommodations in one building. The five-story building will have two floors of Class-A office space, a residential penthouse with a rooftop, 32,000 square feet of indoor and outdoor space with a deck overlooking Biscayne Bay, and street-level retail and restaurant space.

“We haven’t even begun marketing this and yet we’ve had a lot of interest and demand from various folks for all aspects of the project. I think we’re hitting it just at the right time,” said  Brad Colmer of Deco Capital Group, the development firm behind Eighteen Sunset.

The third and fourth floors will be 32,000 square feet of office space for finance and investment firms, family offices, technology firms, and professionals seeking waterfront views. Deco Capital Group has enlisted a best-in-class team to represent Eighteen Sunset, with Stephen Rutchik of Colliers International leasing the building’s office space, and Sara Wolfe of Koniver Stern marketing the retail offerings.

The penthouse has 15,000 square feet of indoor space and sits one floor above the office space, where an executive can live and work under the same roof. The rooftop deck will have a pool, hot tub and outdoor dining area. The penthouse owner will also have a private garage that has room for at least six cars on the building’s second floor and direct elevator access.

“The Penthouse at Eighteen Sunset will be the pinnacle of luxury and exclusivity in Miami Beach, making it unlike any private residence the city has seen,” said Oren Alexander of Douglas Elliman, which is selling the penthouse. “This is perfect for a buyer drawn to the idea of taking an elevator down to the ground floor and being immersed in a vibrant, walkable neighborhood that offers everything from sidewalk cafes and coffee shops to trendy boutiques and a marina across the street. All of this is available in a building offering beautiful views and the amenities and security features of a world-class building.”

Eighteen Sunset, located between Purdy Ave. and Bay Road, will overlook Biscayne Bay and Maurice Gibb Park, close to dining and retail destinations. The project is the newest development by Deco Capital Group, a Miami-based real estate development and investment firm.

“We have a covered breezeway as well as covered sidewalk space,” Colmer said. “I can’t think of many other buildings in South Florida that are going to have the amount of covered outdoor space that we have and the indoor and outdoor connectivity for ground-level activation. I think that offers a lot of exciting opportunities.”

Colmer says construction is expected to start around September and is scheduled to be completed in 2023.


Source:  GlobeSt.

© 2024 FIP Commercial. All rights reserved. | Site Designed by CRE-sources, Inc.