The CocoWalk Mixed-Use Property Reaches 100% Leased in Miami’s Vibrant Coconut Grove

Less than a year since its reopening, the newly renovated CocoWalk mixed-use property announces its retail and office components are fully leased in Miami’s vibrant Coconut Grove neighborhood. Following an extensive multimillion-dollar renovation, the property now features 150,000 square feet of prime retail space leased to leading local, national and international restaurant and retail brands and a newly built, 85,745-square-foot office building that is home to regional and global businesses. The mixed-use property is owned by a joint venture comprised of Federal Realty Investment Trust (NYSE: FRT), The Comras Company and Grass River Property.

“The office and retail leasing success CocoWalk has achieved demonstrates how Coconut Grove is becoming a leading destination for business and leisure,” said Stuart Biel, senior vice president of regional leasing at Federal Realty Investment Trust. “The diverse mix of service-oriented retail, chef-driven restaurant concepts and entertainment the reimagined CocoWalk offers will serve locals and visitors alike, while also providing onsite amenities to the daytime population occupying our office spaces.”

Along with reaching 100% leased, CocoWalk has completed leasing its office spaces attracting seven companies representing the financial and investment, hospitality and cruise industries, amongst the fastest growing in the region. The latest businesses to ink office leases are: cruise line Azamara; Creating Culinary Communities, or C3, a company led by Sam Nazarian, the founder of global hospitality firm sbe Entertainment Group that operates multiple SLS, Mondrian and Delano hotel locations; Uno Management Services; Lagoon Advisors, an investment banking advisory firm; Baymount Management, an investment management firm; The Jordan Company, a private equity firm with offices in New York, NY; Stamford, CT and Chicago, IL; and OC Investment Management, LLC.

Following the extensive remodel, CocoWalk now features three levels of prime retail space, the newly built class A office building One Cocowalk and renovated office space on the property’s west side known as Two Cocowalk. New-to-market tenant The Jordan Company is leasing 12,717 square feet; Uno Management Services will occupy 8,273 square feet; Lagoon Advisors will take 3,510 square feet; Baymount Management 1,928 square feet; and OC Investment Management, LLC another 1,247 square feet at One Cocowalk. Meanwhile, upscale cruise line Azamara inked a 9,286-square-foot lease; and C3 will occupy 9,205 square feet that will be home to its headquarters, a test kitchen, and culinary institute at Two Cocowalk.

The newly signed companies join an office tenant roster that includes American Land Ventures, international law firm Weinberg, Wheeler, Hudgins, Gunn & Dial, LLC, private equity firm Boyne Capital, and creative co-working pioneer Spaces. Amenities at the office building include dedicated elevators connecting office users with private parking, 24/7 security, a full-service, on-site gym and access to the building’s rooftop terrace and event space that overlook Coconut Grove’s lush tree canopy and bay views.

The exclusive leasing agent for the office space at CocoWalk is Blanca Commercial Real Estate led by Founder, Chairman and CEO Tere Blanca, Executive Vice Chairman Danet Linares and Vice Chairman Juan Ruiz.

“The successful leasing of CocoWalk’s office component has been a result of the quality office space, strategic location and direct access to dozens of dining and shopping options that the property offers,” said Tere Blanca, Chairman and CEO of Blanca Commercial Real Estate.

Among the restaurant and retailer concepts already signed at CocoWalk are Planta Queen, Sushi Garage, Mister 01 Extraordinary, Botanico Gin & Cookhouse, Salt & Straw, Sweetgreen, Narbona Natural Foods & Farm Market, Bluemercury, Edward Beiner, Edite Mode and The Spot Barbershop.

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.

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