Global Investment Management Firm Pretium Signs Lease At Eighteen Sunset In Miami Beach's Sunset Harbour

Specialized investment management firm Pretium plans to open an office at Deco Capital Group’s Eighteen Sunset, a Class A office building being constructed at 1769 Purdy Avenue in Miami Beach. Pretium has leased 11,591 square feet on the fourth floor of the project, which together with other completed leases represents approximately 80% of all available office space at Eighteen Sunset. About 9,500 square feet in the building is still available. The project is currently rising after securing a $60 million construction loan last year.

“Miami Beach is excited to welcome Pretium to our community where our business assistance programs and incentives ease the ability of doing business, and our culture and lifestyle benefit business leaders, create jobs, and attract and retain talent,” shared Miami Beach Mayor Dan Gelber.

With more than 4,500 employees, Pretium has over $50 billion in assets under management across U.S. residential real estate, residential credit and corporate credit. Pretium’s Miami Beach office will span more than half of the fourth floor in the five-story building. The company will join a multibillion-dollar, publicly traded Toronto firm that signed a 20,000 square foot lease earlier this year. On the ground floor, Uchiko, a restaurant concept by award-winning Hai Hospitality group, will occupy approximately 6,000 square feet of space. Stephen Rutchik, executive managing director of Colliers International Florida, and Neil King, vice chairman of CBRE New York, represented Deco Capital Group in the transaction, and Daniel Posy, executive managing director of JLL New York, represented Pretium.

“Pretium is excited to be expanding its office presence to Miami, a region with a growing financial services community,” said Laura Cappiello, Pretium’s Chief Human Resources Officer. “Having an office in Miami will enable Pretium to attract and retain premium talent and broaden the pool of diverse candidates we seek to recruit.”

“Miami Beach has seen a significant increase in inbound investment, and the most fundamental change to the city’s economy has been the drive to develop Class A, best-in-class office space capable of accommodating the needs of preeminent global companies,” said Bradley Colmer, founder of Deco Capital Group. “Pretium operates from exemplary offices in international financial hubs and is proud to be one of the trailblazing companies relocating or expanding and establishing a more substantial presence in South Florida. Pretium is drawn to Eighteen Sunset for its quality design, prime waterfront location in the Sunset Harbour neighborhood and market-leading amenities and views.”

The City of Miami Beach has assisted a number of technology and financial services companies in expanding or relocating their operations after launching meaningful business incentive programs and business concierge services in 2021. Pretium participated in the city’s Expedited Plan Review and Permitting Program which offers an accelerated permitting review process of 10 business days. The city’s Job Creation Incentive Program offers an incentive of up to $60,000 per year for up to four years for businesses in targeted industries that create or relocate a minimum of 10 new, full-time jobs with average annual wages that meet or exceed 125% of Miami-Dade County or Florida average wages.

“It is really encouraging to see great companies, like Pretium and others, take advantage of Miami Beach’s programs and services,” affirmed Miami Beach City Manager Alina Hudak. “These programs were created to diversify the Miami Beach economy for the benefit of the entire community.”

Renderings via Eighteen Sunset

Deco Capital Group Breaks Ground On Eighteen Sunset In Miami Beach's Sunset Harbour Neighborhood

Deco Capital Group has broken ground on Eighteen Sunset, the newest mixed-use development coming to Miami Beach’s Sunset Harbour neighborhood. The five-story, mixed-use building will feature street-level retail and restaurant space, two floors of Class A+ offices, and an exclusive top-floor home in the sky with a private rooftop deck. Rising at 1769 Purdy Avenue, construction of Eighteen Sunset broke ground on November 4, 2021, during a ceremony involving the development’s partners, city officials including, and community stakeholders.

Situated between Purdy Avenue and Bay Road – overlooking Biscayne Bay and Maurice Gibb Park – Eighteen Sunset will offer unmatched walkability and accessibility in the heart of Sunset Harbour, which has emerged as one of South Florida’s hottest lifestyle, retail, fitness and dining destinations. Designed by Domo Studio, the project is estimated to be completed by Spring 2023 and will pursue LEED® Gold certification for energy efficiency. The project marks ORIGIN Construction’s third ground-up development to rise in Sunset Harbour, a meaningful neighborhood in the firm’s vast project portfolio.

“As Miami Beach experiences an influx of capital and investment from domestic and international sources, we are thrilled to begin construction of Eighteen Sunset. This development will meet demand for office, retail and residential space in one of South Florida’s most dynamic and walkable neighborhoods,” says Deco Capital Group Founder Bradley Colmer. “Eighteen Sunset will be the perfect complement to Sunset Harbour’s sought after commercial and residential assets, and we’ve assembled a first-rate design and construction team to see the development through.”

Deco Capital Group has selected ORIGIN Construction as the development’s general contractor. Throughout its history, ORIGIN has built and transformed more than 10 million of square feet of commercial real estate, ranging from commercial offices and retail shops, to restaurants, hotels and medical offices. The company is led by a team with a 20-year track record focused on core business lines of commercial workplaces, retail and restaurant interiors, boutique hotels and medical offices. The firm’s high-profile projects include Facebook’s Miami office, Porsche’s Latin American Headquarters, the Prada store in the Design District, and Pipeline Workspaces co-working locations across Florida.

“Eighteen Sunset combines two of ORIGIN Construction’s core capabilities on a larger scale with office and retail,” said John Wood, ORIGIN Construction co-founder. “This is a special opportunity for ORIGIN to further solidify its presence in the market and deliver a unique mixed-use space for best-in-class office and retail tenants.”

Eighteen Sunset’s third and fourth floors will be comprised of approximately 40,000 square feet of Class A-plus office space featuring thirteen-foot ceilings, expansive exterior deck spaces, an architectural overhang, and floor-to-ceiling windows, with Sunset Harbour’s stylish mix of shops and eateries just steps away. Office tenants will also have secure parking on the building’s second floor.

The crown jewel of Eighteen Sunset is a penthouse residence featuring more than 15,000 square feet of interior space as well as a breathtaking rooftop pool deck. All told, the residence comprises approximately 30,000 square feet of private indoor and outdoor space, including a pool and hot tub, outdoor dining room, expansive gardens, seating and recreational areas affording the owner and their guests panoramic vistas of Biscayne Bay, Downtown Miami, and evening sunsets to the west.

Eighteen Sunset’s ground floor totals approximately 17,000 square feet of high-visibility, rentable commercial space, split into four areas ranging in size offering retail and restaurant concepts a selection of spaces to choose from. A central breezeway and cantilevered sidewalk cover will feature expansive outdoor covered sidewalk and breezeway spaces designed to encourage community wellness.

The Eighteen Sunset residential penthouse is listed with Oren Alexander of Douglas Elliman, the retail leasing is being overseen by Sara Wolfe of Koniver Stern and the office leasing is being overseen by Stephen Rutchik of Colliers International.