Stonerock Capital Partners has launched leasing at 200 SE First Street and 44 W Flagler Street, the twin office buildings they acquired this year. Leasing is being overseen by Avison Young. The buildings include modern, move-in-ready spec suites, controlled access, 24/7 security, touchless systems, state-of-the-art fitness centers, and sleek conference centers. Both properties are also centrally located, with easy access to public transportation.
Both office buildings are within the Miami DDA Grant Incentive Program boundaries available to new-to-market businesses or expanding businesses that will either relocate or hire a minimum of ten (10) new employees to the district within three years.
200 SE 1st is both office and data warehousing space, which is a huge benefit for tech occupiers. 44 W Flagler continues to be ideal for legal tenants, as it fronts the Miami-Dade courthouse, the new Miami-Dade courthouse that is being built, and many other complementary government and legal buildings. Additionally, 44 W Flagler marks the gateway to the Flagler Improvement District, which is undergoing a $30 million renovation.
Over the past few years, Miami has matured as a major metropolitan area, with a wave of corporate relocations, especially fintech, financial services, banking, and private equity firms. With the increasing population and demand for office space, Downtown Miami, nestled just north of the thriving Brickell financial district, is undergoing a revival. The corridor along Biscayne Boulevard already boasts some of Miami’s most expensive residential towers.
According to Avison Young research, Downtown Miami has seen several new-to-market tenants contributing to 152,171 square feet of net absorption for the year to date, more than any other Miami submarket. The activity has pushed vacancy down faster downtown than in Miami overall, a trend that is likely to continue as more firms execute return-to-office strategies.
“Miami has achieved an incredible level of sophistication, but, when looking at the market, we found that many buildings are failing to cater to tenant needs. Companies are bringing employees back to the office and need enticing spaces and accessible locations. At 44 and 200, we’ve partnered with top designers to create beautiful offices, ensure swift turnaround on tenant improvements, and offer a thoughtful package of upgraded lifestyle amenities,” says Stonerock CEO Jake Handelsman
Stonerock has begun the implementation of its renovation plan, creating two distinct experiences for companies to choose from.
“Well-located downtown office buildings with quality amenities and retail have proven to be more attractive to workers,” says Donna Abood, Principal and Managing Director of Avison Young’s Miami office whose team will spearhead leasing at 200 Southeast First and 44 West. “Additionally, move-in-ready office suites set these buildings apart as Downtown Miami continues to see increased interest from relocating tenants.”
200 SE First Street is a 12-story building with ground-floor retail. The company has approved plans for a complete facade remodel. Designed by upscale YF Designers, the new facade will better reflect the building’s newly renovated modern minimalist interior. As well, Stonerock has revitalized the building’s data center, giving the local market access to expanded data capacity.
44 W Flagler Street is a 25-story office tower anchored by First Horizon Bank, directly across the street from the Miami-Dade County Courthouse. Aside from quality tenant improvement plans, Stonerock has implemented a parking plan and added touchless systems and controlled access. Stonerock is committed to sustainability and has incorporated green materials and energy-efficient features such as LED lighting and touchless systems.
