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 Secures $60 Million Construction Loan For Eighteen Sunset In Sunset Harbour

Deco Capital Group has secured $60 million in construction financing from City National Bank of Florida for Eighteen Sunset in Miami Beach’s hot Sunset Harbour neighborhood. The loan will fund the ongoing development of the newest mixed-use project combining office, retail, and residential uses. Eighteen Sunset broke ground in November 2021 and is expected to be completed in late 2023.

Eighteen Sunset will feature street-level retail and restaurant space, two floors of Class A+ offices totaling 40,000 square feet, and an exclusive top-floor penthouse featuring more than 15,000 square feet of interior space as well as a breathtaking rooftop pool deck. All told, the penthouse residence comprises approximately 30,000 square feet of private indoor and outdoor space, 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.

“We’ve seen significant interest from some of the most desirable and prosperous buyers and tenants in the country, who are looking at Eighteen Sunset from both a residential perspective and as a ‘live-work’ opportunity in the heart of one of South Florida’s most desirable districts,” said Deco Capital Group Founder Bradley Colmer. “The level and quality of demand we’re seeing in Miami Beach is as strong as it’s ever been and we are already talking with some of the most exciting businesses and retailers in the market. Now that Eighteen Sunset is coming out of the ground and our financing is in place, we expect the building to be filled in short order.”

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.

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

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.

Deco Capital Group's Mixed-Use Office Development Eighteen Sunset Approved In Sunset Harbour

One of South Florida’s most in-demand neighborhoods is getting a new offering of residential and commercial space following the approval of Eighteen Sunset, a mixed-use development set to rise in Miami Beach’s Sunset Harbour district. Eighteen Sunset is being developed by Deco Capital Group and was designed by DOMO Architecture + Design.

The five-story building will feature street-level retail and restaurant space, two floors of Class A offices, and an exclusive top-floor penthouse residence with a private rooftop deck. Plans for the development won unanimous approval from the Miami Beach City Commission on May 12, 2021. Construction is scheduled to begin in late summer 2021, with completion anticipated in 2023.

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 and dining destinations.

“Eighteen Sunset will be a premier address for shopping, dining, working and living just as Miami Beach enjoys a surge of new residents and businesses,” says Deco Capital Group Founder Bradley Colmer. “No other building in Miami Beach offers this level of Class A, luxury office and prime retail space looking out onto the water. The penthouse residence will be an unparalleled home in the sky in the center of Miami Beach’s most exciting neighborhood.”

The crown jewel of Eighteen Sunset is a penthouse residence featuring more than 15,000 SF of interior space as well as a breathtaking rooftop pool deck. The residence comprises over 32,000 SF of private indoor and outdoor space in total. The rooftop includes a pool and hot tub, an outdoor dining room, and expansive gardens, seating and recreational areas affording the owner and their guests panoramic vistas of Biscayne Bay, the Downtown Miami skyline, and evening sunsets to the west. The penthouse owner will have private ownership and use of a ground floor foyer/lounge, as well as a private garage accommodating at least six cars on the building’s second floor, offering direct elevator access to the residence.

“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,” says Oren Alexander of Douglas Elliman. “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 cafés 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’s ground floor totals approximately 15,500 SF of high-visibility, rentable commercial space, offering retail and restaurant concepts prime frontage along pedestrian-friendly Purdy Avenue. A central breezeway and cantilevered sidewalk cover will feature shaded seating areas and create seamless connectivity with Maurice Gibb Park.

Floors three and four will be comprised of approximately 32,000 SF of Class A-plus office space tailor made for finance and investment firms, family offices, technology firms, and professional service companies in the market for space offering waterfront views, proximity to Miami’s most desirable residential neighborhoods, and Sunset Harbour’s stylish mix of shops and eateries just steps away. Office tenants will have secure parking on the building’s second floor.

“Today’s office users are placing emphasis on planning and building custom-designed space in areas that are walkable, accessible, and which offer proximity to outdoor recreation. Eighteen Sunset checks all of these boxes – and more,” explains Stephen Rutchik of Colliers International. “We are finding that Eighteen Sunset’s best in class data connectivity, sustainability initiatives, private balcony spaces, and 24/7 full building generator for all tenant systems are appealing to firms looking to establish their presence in one of Miami’s most sought-after districts.”

Stephen Rutchik of Colliers International is leading leasing the Eighteen Sunset’s office space, Sara Wolfe of Koniver Stern is marketing the retail offerings, and Oren Alexander of Douglas Elliman selling the penthouse.

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