Avison Young Oversees 28,503 SF Of Leases at TA Realty's Ponce Circle Tower In Coral Gables

Avison Young has negotiated two lease transactions totaling 28,503 square feet at Ponce Circle Tower, a class A office building at 2800 Ponce de Leon Boulevard in Coral Gables, Florida. Wicker, Smith, O’Hara, McCoy & Ford, P.A., signed a 27,238-square-foot long-term renewal, and Corona Family Limited Partnership signed a new 1,265-square-foot long-term lease.

On behalf of the landlord, TA Realty, Avison Young Principal Donna Abood, who is also Managing Director of the firm’s Miami office, Vice President Joe Abood, and Associate Peyton Dowd facilitated the transactions.

“Wicker Smith is the anchor tenant of Ponce Circle Tower, and securing another long-term lease commitment from the firm was of great importance to ownership,” said Ms. Abood. “Both the Wicker Smith renewal and the new lease with Corona Family Limited Partnership represent a tremendous team effort on the part of our project management, property management, and leasing teams as well as ownership.”

According to Avison Young research, office leasing activity in Miami remains steady with renewals making up the majority of notable lease signings. In the Coral Gables submarket, class A rental rates have grown to $47.49 which underscores the area’s continued health.

Avison Young has been the exclusive leasing agency for Ponce Circle Tower since 2019. The property consists of a 15-story tower supporting 146,202 square feet plus a six-story parking structure featuring a contemporary design with expansive glass and pre-cast curtail wall providing expansive views of Biscayne Bay, Coconut Grown, Downtown Miami, and Coral Gables.

Avison Young Secures New, Long Term Co-Working Office Lease For Entire Floor At 800 Brickell

Avison Young negotiated a new, long-term,14,280 SF lease on behalf of CoSuite™ at 800 Brickell Avenue, a 15-story, 209,122 SF office tower in Miami’s Financial District. The tenant will take the entire fourth floor and bring the building’s occupancy to 85.4%.

Avison Young Principal and Managing Director Donna Abood, Vice President Joe Abood, and Associate Peyton Dowd represented the tenant during the lease. On the heels of the transaction, the team was retained by new ownership, Gatsby Enterprises in partnership with MasterMind Properties, to handle office leasing at 800 Brickell.

“Located at the gateway of Miami’s Financial District, this trophy office property is perfectly positioned for a co-working environment,” said Donna Abood. “Clients will enjoy the abundance of amenities in the surrounding area and ease of access to all major highways and thoroughfares.”

CoSuite, a hybrid of co-working space and executive suites, will benefit from 800 Brickell’s strategic location on the corner of Brickell Avenue and SE 8th Street granting users immediate entry to Interstate 395, Interstate 95, and the 836 Expressway.

“CoSuite fills a void in the shared office sector for individuals and companies seeking to have the flexibility, professional environment and superior amenities within open workspaces and traditional work settings,” said Tom Weber, CEO & President of CoSuite. “800 Brickell is a premium location and our second of many that we will focus on in Florida and the east coast of the United States.”

Miami’s office market recorded positive net absorption and healthy leasing activity overall during third-quarter 2019. One of the three largest class A office submarkets in terms of inventory, Brickell posted the lowest class A vacancy at 7.18%, followed by Airport/Doral (11.59%) and Downtown Miami (19.86%).

Avison Young Chosen By New Ownership Team At 800 Brickell To Oversee Leasing

Avison Young has been named the exclusive leasing firm for the 15-story, 209,122 SF office tower at 800 Brickell Avenue in Miami. The assignment was awarded by new-to-market ownership, New York-based family firm Gatsby Enterprises in partnership with MasterMind Properties, which acquired the trophy asset for $125.5 million in July 2019.

“With the 4.9 million-square-foot shopping and mixed-use Brickell City Centre directly across the street and The Shops at Mary Brickell Village directly behind, 800 Brickell is ideally positioned for ownership to incorporate complementary live-work-play concepts,” said Donna Abood, Principal and Managing Director of Avison Young’s Miami operations. “As tenants look to Brickell for quality space and amenities in the heart Miami’s Financial District, our client will make substantial upgrades to common areas, tenant spaces, and the exterior of the tower to attract additional gold-standard office users.”

Ownership will invest up to $3 million into capital improvements at 800 Brickell, a long-term, value-add investment for the company. In addition to Ms. Abood, Avison Young Vice President Joe Abood and Associate Peyton Dowd will spearhead office leasing. Darryl R. Kaplan Company is handling leasing for the retail component, which encompasses the first two floors of the property. Office occupancy at 800 Brickell is currently at 84.8%.

“Brickell remains one of Miami’s most highly sought-after office markets, appealing to a broad range of tenants, especially professional services and financial firms,” added Ms. Abood. “With office occupancy at 84.8%, we look forward to leasing up vacancies at market rents and retaining strong, synergistic tenancy at 800 Brickell.”

A trophy office tower, 800 Brickell features a three-story atrium, a courtyard plaza, abundant parking and valet service, and convenient on-site amenities, which will soon include a 12,000 SF fine dining and quick-service restaurant. The location also boasts easy access to public transportation, including Metrorail, Metromover, Metrobus, and Brickell Trolley, as well as immediate entry to Interstate 395, Interstate 95, and the 836 Expressway. Tenants and visitors can access the building from SE 8th Street, ideal for avoiding Brickell Avenue traffic.

Miami’s office market recorded positive net absorption and healthy leasing activity overall during third-quarter 2019. One of the three largest class A office submarkets in terms of inventory, Brickell posted the lowest class A vacancy at 7.18%, followed by Airport/Doral (11.59%) and Downtown Miami (19.86%).