Miami’s Largest Office Lease Transaction in 2024 Signed at Waterford Business District

Miami's prestigious Waterford Business District (WBD) continues to solidify its position as a premier corporate destination with the recent signing of a significant lease by global business services company Assurant. The lease, encompassing an impressive 78,000 square feet, marks the largest office transaction in Miami so far this year, further enhancing the district's reputation as a hub for top-tier businesses. Brent Woodruff, Matthew Goodman, and Tyler Wyant from CBRE represented Assurant in this lease transaction.

Situated on 250 acres adjacent to Miami International Airport, the WBD offers unparalleled accessibility to major residential and commercial centers. Boasting over 1.65 million square feet of prime office space across 7 Class A buildings, the district provides tenants with a blend of convenience, amenities, and a thriving business ecosystem.

"At Waterford Business District, we take pride in curating an environment where individuals find genuine enjoyment in their work," remarked Charles Russo, Nuveen's Senior Director and Head of Southeast- Workplace, Retail, and Mixed-Use. "Companies like Assurant are drawn to dynamic hubs like ours because of the exceptional office spaces and thriving business community. Our commitment to innovation and meeting the evolving needs of businesses makes WBD an irresistible destination."

Assurant's decision to relocate to WBD underscores its dedication to providing a workspace tailored to the evolving needs of its Miami-based workforce. The company joins esteemed tenants such as Subway and FedEx, further reinforcing the district's commitment to excellence.

Blanca Commercial Real Estate, the exclusive leasing agent for the WBD portfolio, facilitated the lease, marking one of their largest deals to date. "Our commitment to providing a workplace that blends cutting-edge amenities with convenience resonates with companies seeking a dynamic environment," stated Juan Ruiz, Vice Chairman of Blanca CRE.

Under the joint venture between Nuveen Real Estate and Allianz, managed by PIMCO Prime Real Estate, LLC, WBD has undergone significant transformations, establishing itself as a state-of-the-art corporate campus. Investments in amenities such as shuttle services, fitness centers, and waterfront outdoor areas, coupled with tenant-engaging activities, contribute to the district's vibrant atmosphere. Moreover, WBD presents unique build-to-suit opportunities with an additional 30 acres of fully entitled land, making it an ideal location for large enterprises seeking a highly accessible headquarters in the heart of Miami.

Neocis Establishes New 38K SF Headquarters At 545wyn in Miami's Wynwood Arts District

Neocis, the leader and pioneer in robot-assisted dental implant surgery, has signed a new lease for 38,000 SF of Class A office space at 545wyn in the Wynwood Arts District. The move is scheduled for October 2022 following Neocis’ exponential sales and employee growth since securing U.S. Food and Drug Administration (FDA) market clearance for its Yomi® Robot-Assisted Dental Surgery System in 2016. As the first and only robotic-assisted surgical system cleared by the FDA for dental implant surgery, Yomi has been used to place more than 10,000 dental implants to date and has steadily increased in usage among dental implant surgeons throughout the United States. Since 2016, over 140 dental surgeons have completed cases using Yomi. 

“Miami is an excellent market for business growth and this relocation will provide us with even more space and flexibility to build upon our footprint as a healthcare technology innovator,” said Alon Mozes, PhD, co-founder and CEO of Neocis. “Over 75 Yomi systems have been installed thus far and we expect this number to rise significantly as our employee headcount increases in the new office.” 

The Neocis team currently consists of more than 130 employees. The company made over 60 new hires in 2021 and plans to continue expanding throughout 2022. 

"I was so excited to learn that Neocis was re-committing to the Magic City. Their presence is critical to our expanding healthtech industry, and they are a Miami success story. With $122M+ raised and 100+ employees, they are further proof that you can raise capital, find talent, and scale within our ecosystem.” Said Mayor Francis Suarez 

Dental implant surgery, which has become the standard of care for replacing missing teeth, requires extreme accuracy to avoid critical anatomical structures. Yomi allows the dentist to precisely pre-plan the dental implant procedure and then guides their hand during the surgery according to the pre-operative plan by using haptic robotic feedback. Due to the increased accuracy and digital planning provided by Yomi, dentists are often able to operate with a smaller incision, resulting in less pain and faster recovery for patients.  

JLL Managing Director, Cameron Tallon, represented the tenant, Neocis, in the lease transaction totaling 38,000 square feet. The Blanca Commercial Real Estate team of Juan Ruiz and Randy Carballo represented Sterling Bay, the 545wyn property’s ownership. 

Developed by Sterling Bay and designed by Gensler, 545wyn is Wynwood’s first-ever Class A office and retail property, offering tenants an unmatched suite of exclusive, highly sought-after tenant amenities including a state-of-the-art wellness center, touchless entry technology, indoor/outdoor conference rooms, sweeping outdoor lounges and private balconies. After recently achieving WELL Health-Safety Rating, 545wyn has also achieved RESET Air marking the property as one of the healthiest commercial buildings in Miami. Featuring bold, colorful street art both within the property and on its exterior, 545wyn authentically reflects Wynwood’s vibrancy and embraces its reputation as a hub for innovation and culture. 

One CocoWalk Signs Creative Coworking Pioneer & Operator Spaces As Anchor Tenant

As the redevelopment of CocoWalk continues, the joint venture behind the project, comprised of Federal Realty Investment Trust (NYSE: FRT), Grass River Property and Comras Company, has announced that it has signed its anchor tenant, co-working company Spaces, to occupy 42,883 SF at the new Class A office building One CocoWalk. Spaces’ long-term lease is comprised of 2,029 SF on the building’s ground floor and 40,854 SF on the second and third floors. The anchor tenant brings the 5-story centerpiece office building to 50% leased, with other leases in advanced negotiations. Spaces is an international creative coworking company operating over 160 locations in 80 countries worldwide. This deal marks the third location for Spaces in South Florida. Randy Carballo and Gavin Macphail of JLL in Miami represented the tenant, Spaces, in the lease transaction while the landlord, One CocoWalk, was represented by Tere Blanca, Danet Linares and Juan Ruiz of Blanca Commercial Real Estate.

“As new ways of doing business emerge, the flexibility coworking facilities offer is gaining popularity. Spaces is a great fit for freelancers, energetic entrepreneurs, mobile workers and startups as well as project teams or regional headquarters of well-established companies,” said Jan Sweetnam, Senior Vice President and Chief Operating Officer of Federal Realty Investment Trust. “Coconut Grove, renowned as Miami’s bohemian enclave since the 1960s, appeals to the nomadic, non-traditional mindset of the millennial generation now comprising the lion’s share of the workforce, making it a perfect site for Spaces.”

“South Florida is experiencing an entrepreneurial surge and Coconut Grove is quickly becoming one of the area’s premier destinations for startups to call home,” said Michael Berretta, Vice President of Network Development for IWG, which owns Spaces. “It’s an exciting time to be entering the market and One Cocowalk was a natural choice for our next Spaces location within the region. It embodies the vibrant spirit and ethos of our brand and provides the amenities and type of neighborhood environment that will help further foster our members’ growth and creativity.”

The coworking concept offers tenants a variety of workspace options, from dedicated desks to traditional office configurations to open areas that foster collaboration, on flexible contract terms. Special events and other perks conspire to create a shared work environment that is fun, efficient, inspiring and productive.

One CocoWalk is one of three office buildings under development for the first time in 30 years in the Coconut Grove office market. All three buildings are experiencing strong leasing activity that has solidified the Grove’s position as a highly desirable location for companies seeking class A office space. Amenities at the 85,762 SF One CocoWalk will include dedicated elevators connecting office users with private parking, 24/7 security, and a visitor entrance and lobby as well as access to a full-service gym inside CocoWalk. Perhaps the most unique amenity for tenants will be One CocoWalk’s rooftop terrace and event space, an urban oasis overlooking Coconut Grove’s lush tree canopy and historic brick sidewalks.

The transformation of CocoWalk will create a premier lifestyle destination with experiential retail, dining and entertainment spaces along with public spaces for the community to enjoy. When complete CocoWalk will be home to a total of 100,000 SF of office space and 150,000 SF of experiential retail, dining and entertainment space, along with welcoming public spaces throughout. Completion of the retail and office components are slated for the first quarter of 2020.

“In addition to offering entrepreneurs a fully-amenitized co-working space in the heart of Coconut Grove, the arrival of Spaces will bolster the Grove’s fast-growing daytime population, driving even more foot traffic to area shops and restaurants with CocoWalk at the center of this action. This is a big win for Coconut Grove,” said Tom Roth, principal of Grass River Property.

The upscale shopping center, which first opened in 1990, was purchased in 2015 by Federal Realty Investment Trust (NYSE: FRT), Grass River Property and Comras Company. The JV is now under construction with a redevelopment plan that will enhance CocoWalk’s connection to surrounding streets, aligning the property with the area’s changing demographics and revamping its commercial offerings.

For more information about One Cocowalk, private showings or purchasing/ leasing information please fill out the form below: