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.

PROFILE Exclusive: 12 Questions With Simon Mass of The Condo Store

PROFILEMiami had the exclusive opportunity to sit down with Simon S. Mass, CEO and Founder of The Condo Store (TCS). Simon is often recognized as the “architect” of the pre-construction condo investment sector in Canada, with over $25 billion in project transactions and a distinguished reputation that spans across North America. The Condo Store, which now hosts over fifty team members and more than 350 sophisticated high-net-worth clients from around the globe, started as a ten-person boutique firm he co-founded in 2004. Simon and TCS recently launched operations in Miami.

Simon has long-term relationships with hundreds of clients that include doctors, medical practitioners, and business professionals across Canada and now the United States. TCS clients account for over $500 million in annual investments.

It is common knowledge that condo investments have been one of the highest grossing asset classes over the past 25 years. These high-level personal connections allow TCS clients to have an advantage in the sector and ensures investing into a real estate project is targeted and knowledge based.

PROFILEmiami recently caught up with Simon amid his busy schedule managing TCS’s launch in Miami and developing Casa B&B Italia, a new construction luxury private residence on Miami’s Venetian Islands designed by Doo Architecture and winner of the 2020 Interior Design Magazine Best of Year for Residential Unbuilt Category and the 2019 Rethinking the Future Awards for Private Residential Concept:

PROFILE: Tell us about your background, how did you get involved in real estate?

Simon Mass: Purely by chance. I left the United Kingdom after graduating with an Engineering and Management undergraduate degree from Bath University to enroll into an MBA program at Schulich School of Business in Toronto, Canada. The idea was to graduate with an MBA, complete the marketing speciality, and enter the world of business back in London, UK. Honestly, at that time, I didn’t have a specific career path in mind and was open to finding that path organically and with no urgency, just like any other typical 21-year-old.

Real estate wasn’t on the agenda for me in terms of a business environment. I had a definite and keen interest in architecture and interior design but that was really for my own personal and vivid imagination. I was always thinking about and looking at real estate publications wondering what appealed to me and what I thought I’d like to own someday for my home.

PROFILE: How did you first get involved investing in pre-construction condominiums?

SM: While adjusting to the colder climate and heavy snowfall that are part of the winter season in most of Canada, I got lost in a snowstorm trying to find the University campus and stumbled upon a trailer that housed the sales center for a pre-construction development. Before I knew it, I had the real estate bug and fell into the pre-construction investment world.

The minute I realized that I could enjoy my time at work, make a living and grow a business and not be working for someone else, I knew that I should take extra care in understanding and utilizing the pre-construction investment model and not just look at it as a small-time side hustle while still trying to discover my calling. Without looking back, I quickly decided to make it my calling and decided to bring in many friends and family for the ride that proved to be a small steppingstone to growing the wealth of so many people around me that followed the same path. As the saying goes, the ‘snowball effect’ kicked in and people were contacting me and saying they had heard that I had insider deals with pre-construction developers, and they wanted to be given the same opportunity to make a lot of money and invest in a bricks and mortar opportunity versus risking their hard-earned money in the speculative stock market.

PROFILE: What was your first real estate deal that you worked on?

SM: This dates to the mid 1990’s and was a catalyst to my eventual decision to stay in Toronto and slowly set up the first business model for TCS. Shortly after the snowstorm incident, with just a handful of friends and classmates, I managed to secure a small number of units in a master planned community in downtown Toronto. I believe it was just twenty units, which at that time was substantial considering the average broker in the mid-1990’s handled ten transactions per year. This first foray into bulk transactions allowed me to establish a relationship with the head of the sales and marketing division at the multi-billion-dollar development (which now spans several city blocks and has over 22 towers).

It became apparent right after this 20-unit bulk deal that prices were increasing at a substantial rate and that if I was able to convince developers to reduce the down payment requirement for my firm and keep the normal, much higher rate for the brokerage and general public, I would be able to skew the ROI’s (cash-on-cash returns) for our ventures to levels that would not be conceivable to most investors. This first project had multiple other phases and the initial phase sold out within a few weeks, therefore giving me the confidence that pricing for future phases would be much higher.

PROFILE: What is your investment philosophy in regard to investing in pre-construction condominiums?

SM: Our success has been derived in large part by working with the best and most powerful developers, focusing on gentrification locations, and staying in it for the long-term. With respect to growing the business, we have been almost entirely referral based as we are not an advertiser of any kind, and we do not even show our offers to the general public. Our clients appreciate that exclusivity and reward us by continuing to purchase and invest through our firm recognizing the returns that they have recorded over the years.

PROFILE: Tell us about The Condo Store and what you guys do?

SM: Extremely important to note that 90% of our clients are doctors and surgeons. From day one, I have had a connection to medical professionals as they were my friends who had also recently graduated and entered the work force in Toronto. I always felt somewhat guilty that I graduated with both an undergrade and postgraduate degree in under five years whereas my friends who decided to go into the medical sector would only enter the work force after 9-12 years of schooling alongside a massive debt. It didn’t seem fair, and I wanted to specifically bring them in; in a way that they would be financially rewarded through real estate investing through my direct involvement.

TCS partners with developers to secure a large number of units in a new pre-construction building; in high density projects, we seek a minimum of 25% of the entire inventory, and in low density buildings, we can go as high as 100% of the inventory. Once we have secured the project with special terms (highlighted by a low-down payment structure) through educating developers and their financial lenders that it’s safer to have pre-construction buyers to have six to seven figure salaries and secure earnings (i.e., doctors) with career paths that were practically guaranteed until retirement age, over every other demographic. We keep it simple in terms of presentation materials, doctors are far too busy for long investment decks. We present the opportunity to our clients in real time, with no favoritism or special treatment on a first-come, first-served basis.

We curate only the best investments for our clients, and if that means we do not have an offer for a few months or even a full year, then that is what we will do. We will not risk our reputation to send a ‘just OK’ investment deal to our loyal clients.

The core tenet that has built our referral-based business is having skin in the game. What that means is that for every offer we put in front of our clients, we (myself and business partner, John Mehlenbacher) invest in multiple units in each deal. We invest alongside our clients and that is what differentiates us from almost everyone in the space.

PROFILE: What have been some of the keys to TCS producing consistent, successful returns for your investors?

SM: Quality and time. We hand pick three or four of the best sites annually (out of 150+ launches) and develop them into lucrative leverage-based deals; we don’t deviate from the fundamentals of a solid investment and never chase a deal.

We are not just a real estate company; we are an investment company that specializes in real estate. Keeping true to our principles, where we invest side-by-side with our clients, we ultimately offer that rare quality of being in every deal that we present. With that, we do not pump out offer after offer every other week and we are not willing to sell run-of-the-mill projects that, in our opinion, won’t allow for significant double digit returns to our clients.

PROFILE: You are now opening in Miami, can you discuss your expansion to South Florida?

SM: We have seen many of our doctor clients leave Canada for the United States. They asked for our assistance, and we also understand the magnitude of the U.S. market as it’s ten times larger than Canada population wise, and that allows us to work with millions of doctors all living, working, and seeking investments in Miami.

With our track record amongst their peers, we feel that we can grow our referral-based business within the medical practitioner space at a level that will over time be two or three times the size of our Canadian operations.

Over the years we have been able to understand the needs and wants of our core clients, and we can bring that outlook and experience to an entirely different market. We’ll bring the fundamentals of what a great real estate investment is and push to create the same deals and opportunities in Miami that we are known for in Toronto.

PROFILE: What is your outlook on the real estate market in Miami amid a changing economic environment and rising interest rates?

SM: Miami has unique characteristics that can influence its real estate market, so it goes without saying that I am very bullish on real estate investing in the right locations across Florida.

With a dynamic tourism sector that keeps on growing, and foreign investments that is now super-charged with an aggressive domestic immigration push from American citizens changing their residence to Florida and moving here and making it their home, there is so much positive news for the sunshine state.

Miami's real estate market is for the time being only minimally being influenced by a changing economic environment and rising interest rates. Looking to the future, I believe that we have yet to see the actual real estate boom that Miami (or generally Florida) has been chronicled to have been in for years. The next 10 years will most likely see massive price appreciation that will make this city even more expensive on many levels.

PROFILE: What is the biggest hurdle that you have had to overcome in your career?

SM: I’ve been very fortunate and would be the first to call myself a workaholic since a very early age. There’s a fundamental reason for my success as I’ve had the advantage of loving what I do and as such, not counting down the hours each day to end my work schedule and start on my social calendar.

I’ve overcome the hurdle of listening to all the noise in the market by keeping my mind open. Information is power, so listening to everyone but not being influenced by everyone is the challenge. For example, taking in information from so-called ‘institutional experts’ but not being bound to call it solid. Especially from those ‘experts’ who in my humble opinion are so often wrong when it comes to the real estate market, and it’s future.

I have also found that economists, for the most part, always have a skewed perspective on the value proposition of the real estate space and tend to downplay the psychological consumer mindset when it comes to property ownership.

I have been lucky that my gut feelings combined with analyzing the economic fundamentals have typically played out well; and let’s not forget that Toronto has been on a 32 year real estate growth run. That has obviously helped in our firm’s double digit, cash-on-cash, annual returns.

PROFILE: What was the first gift you bought yourself after closing a big deal or first big development?

SM: Very cliché…I walked into a Porsche dealership and an hour later, drove out in a 911. Since I was a small child, I was always in love with sports cars, so I was fortunate enough to start with a 911 in my early twenties with money that I had made from my own hard work and risk-taking tactics.

I still treat myself after every single venture as I believe that to stay motivated, an entrepreneur needs to be self-incentivized. I will add a charitable donation to my self gift-giving ritual as I feel it’s imperative that we realize how fortunate we are and to give back, even if it’s a small donation. It’s a lifestyle necessity, in my mind, to count your blessings and pay it forward.

PROFILE: Describe your perfect Saturday night in Miami?

SM: So, it all depends on who the other friends or clients are, sometimes it’s a chill evening at one of my favorite restaurants in SoFi, for example, Call me Gaby where the ambiance of European dining in a unpretentious space is always inviting. Sometimes it’s a longer evening of cocktails and fine dining at one of the many restaurants that have opened in Miami (that have outposts all across the world), such as LPM, The Surf Club or Carbone.

I’ve never been a big drinker and prefer a good dinner over a few bottles of wine. Makes my Sunday mornings a lot more efficient and painless.

PROFILE: Where do we find you on your day off?

SM: If you ask anyone that knows me well, they will tell you that I need a day off.

I’m always “on” because I enjoy what I do, as making money for your friends and clients is beyond rewarding. Deal making is a undertaking that I’m very-very passionate about. I take my role in building wealth for clients very seriously – and that’s one of the main reasons that TCS is known as the largest pre-construction investment firm in Canada built on a referral network that keeps on growing.

Expanding Horizons: AvenueWest Global Franchise Comes to Miami under Leadership of Local Realtor Michelle Real

As Miami’s thriving economy, access to quality talent, and strategic location continues to attract businesses and corporate headquarters, an opportunity became clear for AvenueWest: A new franchise in South Florida.

Having established a reputation as a leading provider of furnished corporate housing, real estate, and property management services, AvenueWest knew it had the expertise and resources to meet the escalating demand for extended rentals for corporate and international travelers in the greater Miami region.

“Our commitment to providing exceptional corporate housing solutions has allowed us to grow and expand our services to meet the needs of our clients, and we are excited to bring our services to Miami's growing market,” said AvenueWest Global Franchise’s CEO, Angela Healy.

The new franchise officially launched on August 17 and marks the company’s 17th location in the United States, further solidifying its position as the go-to provider of high-quality managed corporate housing accommodations. Over the last 25 years, AvenueWest has experienced a remarkable surge in demand, adding over 100 new properties in the last five months and is on track to double their revenue in 2023. While demand factored into AvenueWest’s decision to expand into Miami, it was important to find the right leader that could build on existing relationships in the region and uphold the company’s values.

Enter Miami local, Michelle Real. The new AvenueWest Miami owner’s introduction to the franchise happened while listening to a podcast featuring CEO Angela Healy. She was intrigued by their unique business model and had experienced first hand the complexities and challenges faced by property owners, particularly in short-term rental management, often due to regulations and tenant turnover. Michelle quickly discovered that her combined business experience and eight years in the Miami real estate industry made for an ideal partnership for the franchise.

“AvenueWest opens the door to a segment of the industry that only a few companies have access to and individual investors are missing. The corporate housing sector can be complex, but AvenueWest has made the process streamlined and efficient. The rental revenue program is the best proposition for owners to get a higher return on their investment as an alternative over options such as a short-term rental like Airbnb. Corporate housing can yield similar returns and better experiences for renters and owners alike,” said Real.

Michelle recognizes the evolution of options in the real estate industry, and is pleased to have found a company that prioritizes the success of both franchise owners and its clients.

“Becoming part of a well recognized industry brand like AvenueWest was not a difficult decision,” Real added. “The immeasurable value of professionalism, industry expertise, and knowledge exhibited by our colleagues here is truly invaluable. It is the people here that make the difference.”

“We are thrilled to welcome Michelle Real to our team. We are confident she will continue to give our clients the best service,” said Angela Healy.

With the Miami corporate housing sector rapidly growing, AvenueWest and Michelle are poised to meet the increasing demand. By focusing on both the success of franchise owners and the satisfaction of clients, they are thrilled to offer a premium option for corporate guests and visitors and make a significant impact in Miami's corporate housing market.

To learn more please visit, www.miami.avenuewest.com

Bruce Koniver Set To Lead Odyssey Retail Advisors Expansion Into South Florida

Odyssey Retail Advisors LLC, a leading real estate advisory firm, announced its partnership with retail real estate veteran and icon Bruce Koniver. He will lead the opening of Odyssey’s expansion into Florida and its new Miami office. This partnership allows for continued support of Odyssey’s growing national client base. Headquartered in New York, Odyssey represents premier global retailers, major developers and landlords within the luxury and contemporary fashion sector.

“This expansion will further enable the Odyssey team to partner with prominent landlords and retailers in a highly competitive and diverse market,” stated Principal and Co-founder Richard Johnson at Odyssey Retail Advisors. “We will continue to offer Odyssey’s signature insight, analytics, network and full suite of advisory services within the luxury retail environment of Miami.”

Bruce Koniver, Principal, and Lee Koniver are poised to lead Odyssey’s new Miami location, both joining from Koniver Stern Group.

Bruce Koniver has been a trusted name and advisor to a multitude of prominent regional and national retailers. Mr. Koniver has represented a large number of developers where he was responsible for leasing a significant amount of their upscale retail centers such as Forum Development Group, Forum at Carlsbad, Sunnyvale Town Center (Sunnyvale, CA) and Forum at Prospect Park (Alpharetta, Ga.); Cousins Properties’ The Avenue East Cobb (Atlanta, Ga.), The Avenue at Palos Verdes (Palos Verdes, CA) and Taubco’s Vero Fashion Outlets (Vero Beach, FL). In addition, Bruce has been intimately involved in two of the most successful outdoor multi-use projects: North American Properties’ Avalon (Alpharetta, Ga.), and Columbia Development’s Fenton (Raleigh, NC). He has also represented a collection of prestigious tenants for which he was an integral part of their real estate expansion including Wolford, Montblanc, AllBirds, William Sonoma, West Elm, Pottery Barn, Glossier, Louis Vuitton, Outdoor Voices, Tesla, and Rivian.

Prior to leasing, Bruce Koniver held senior management positions with Saks Fifth Avenue in New York, Chicago, San Francisco, Palm Springs and Washington, DC, as well as serving as general manager of Jordan Marsh at the Omni Mall. Mr. Koniver continues to be called upon to moderate and participate on panels for numerous ICSC events and is a board member for First Serve Miami.

Bruce Koniver commented, “We look forward to enabling our clients to expand their presence in sought-after, exclusive retail environments throughout Florida. This fuels my passion as does the clear growth of Odyssey. I truly look forward to bringing the firm’s culture and ability to excel in multi-faceted fashion environments to the Florida marketplace. The opportunity to work closely with my two sons in this new partnership is an added bonus.”

Lee Koniver has extensive knowledge in the South Florida market representing landlords and tenants across various service lines at the luxury level and beyond. His background has been focused on the South Florida market, where he is known to provide the highest level of service to his retail and restaurant industry clients. Some of his clients include Bodega Streetwear, Veja, Shake Shack, Alexander Wang, Le Chick, Heyday Skincare, The King Street Food Company, and Adidas.

Mr. Johnson added, “Expansion of our clients’ portfolios in the Miami area while helping ensure they achieve their business and financial objectives, will be led by this extremely capable new team. Their reputations and experience in this highly desirable market will further enable us to offer compelling shopping environments to clientele.”

Charlie Koniver, Principal and Co-founder, Odyssey, concluded, “With the additions we are making to the Odyssey team, we are celebrating decades of deep knowledge and experience to continue our growth in prominent retail markets.”

About Odyssey Retail Advisors

Odyssey Retail Advisors LLC (www.odysseyretailadvisors.com), headquartered in New York, with offices in Chicago and Miami, is a leading retail real estate advisory firm that represents premier global retailers as well as major developers and landlords. Services encompass strategic planning, site identification, in-depth market analysis and project planning, financial evaluation, negotiation, construction and design facilitation, portfolio optimization, and restructuring.

PROFILE EXCLUSIVE: NEW RENDERINGS OF NEXO RESIDENCES IN NORTH MIAMI BEACH

Fortune International Group in partnership with Blue Road announced the sales launch for Nexo Residences in April and today have released new renderings and design details, exclusively on PROFILEmiami.

The property, featuring 254 residences, is one of the first condo projects with short-term rental capability in the rapidly growing city of North Miami Beach, adding to the area’s economic growth currently underway. Located at 13899 Biscayne Boulevard, it presents move-in-ready residences with full home-sharing capabilities without restrictions, coupled with resort-style amenities. Priced from the $400,000s, studios to four-bedroom townhomes range from about 525 to 2,190 interior square feet.

“We underwent an extensive design process, which included traveling to Italy to visit Il Salone Di Mobile which is the most important design fair to incorporate the most cutting-edge elements throughout the property. Both within the residences and shared amenity spaces, it is important that we deliver a project that speaks to both the buyer and user,” said Ana Christina DeFortuna, Executive Vice President of Fortune International Group. “In studying the audience for Nexo Residences, combined with its prime North Miami Beach location, it was necessary to consider a tech-forward destination that incorporates sustainability with contemporary materials, while making social gathering spaces the highlight of the property.”

The project is designed by Frankel Benayoun Architects Inc, with consultation from internationally-renowned architect Carlos Ott. Its common areas, residence interiors, and landscaping are curated by Urban Robot, the local, full-service design collective behind some of the city’s leading hotels and retail concepts, including W Hotel South Beach, the Gucci Flagship in Miami’s Design District, and Oasis Wynwood. The amenity program was purposefully designed to activate spaces that inspire connectivity within the community.

A rooftop observatory deck will be perfect for scenic experiences, enjoying the expansive open vistas of the neighborhood treetops and water views. The space will be regularly activated as a central area for socializing, complete with a fire pit, dining and cooking area and a refuge for stargazing.

The architectural centerpiece for Nexo Residences is the two-story tech hub with a café, coworking spaces, and a business center. It was designed as a grand focal point when you approach the property from the main thoroughfare of Biscayne Boulevard. The multi-story space will span more than 2,600 square feet and feature large floor-to-ceiling windows that will welcome natural light throughout.

Blending the necessities of remote work life with inspiration from South Florida as a year-round vacation destination, Nexo Residences’ suite of amenities includes a two-story arrival lobby and lounge, which will be an impressive visual experience upon entry to the building. The property’s contemporary design extends onto an outdoor children’s playground. Catering to the modern family, it is a kid’s haven of fitness and activity surrounded by striking architecture and lush greenery. Health enthusiasts can relish the indoor/outdoor fitness center with a yoga studio and virtual trainer and a luxury pool deck complete with resort-inspired pool and two spa pools with loungers.

DRA Advisors and CP Group Acquire Iconic Office Building 'Miami Tower' In Downtown Miami For $163.5 Million

DRA Advisors and CP Group have acquired Miami Tower, a 627,152-square-foot trophy office tower in Downtown Miami’s Central Business District for $163.5 million. Mike Davis, Dominic Montazemi, Mike McDonald, Miguel Alcivar, Rick Brugge, Rick Colon, and Adam Spies of Cushman & Wakefield represented the seller, USPO Miami, LLC, in the transaction. Jason Hochman and Ron Granite of Cushman & Wakefield also arranged the acquisition financing through PGIM on behalf of the buyer, DRA Advisors and CP Group.

“Miami Tower is a hallmark icon of the Miami skyline with a storied history,” said Montazemi, Executive Managing Director at Cushman & Wakefield. “CP Group together with DRA have a vision to elevate the asset with significant capital investment and plans for modernizations that will place Miami Tower as a category-defining option for tenants seeking the very best transit-oriented workplace solutions together with state-of-the-art on-site amenities.

Additionally, “The asset’s live-work-play environment and location in an area that has had more than $23 billion worth of recent development happening will continue to attract interest from established businesses in and outside of Florida,” said Davis, Executive Vice Chair at Cushman & Wakefield.

Located at 100 SE 2nd St., Miami Tower is a trophy asset that spans 47 stories and is currently 67% occupied while historically averaging 90% or better. The office tower features a unique triple-tiered light display and best-in-class amenities such as an on-site conference center, fitness facility, Sky Lobby and Sky Terrace event space, ground floor retail, and adjacent Hyatt Regency Miami Hotel. It’s also the only office building in Miami that is fully connected into the city’s public transit system with an integrated Metromover station, which provides nearly immediate access to Miami Central station.

Miami Tower has been a critical part of the city’s public and business community since it was built in 1987, and significant capital has been invested in renovation projects over the years to maintain it. Under new ownership, the office tower offers potential value-add through further enhancements to its amenities.

The Alexander Team Launches Ultra-Luxe Real Estate Advisory, Official, Backed By Side

The nation’s leading ultra-luxury real estate group The Alexander Team, led by Oren and Tal Alexander, has left Douglas Elliman to launch their own firm, Official. Official is the first real estate advisory firm to specialize in the ultra-luxury segment of the market and is backed by the San Francisco-based real estate firm Side, which partners with top-producing agents and teams who own their own brands. The Alexander team will also expand to the West Coast.

The Alexander Team was ranked by Douglas Elliman as the leading team by gross commission income and sales volume in both Florida and New York in 2021 with $1.8 billion in sales, accounting for 3.5% of the brokerages $51.2 billion in total sales volume. They were also ranked the #1 Team in the USA by Wall Street Journal in 2020, 2021 and 2022.

Side is a real estate brokerage founded in 2017 by Guy Gal to partner with leading real estate agents. The agents own 100% of their own brand and business and Side powers the back-end and acts as the broker. Side typically takes 10% of commissions and Side keeps the brand if the partners leave within the first two years of the partnership. Side expanded to Florida in 2019 and reached a $2.5 billion valuation in 2021. Side is backed by Tiger Global Management, ICONIQ Capital and Trinity Ventures.

Aon Insurance Company Relocates to New 20K SF Space in Brickell

Cushman & Wakefield has announced that the commercial real estate services firm has arranged a new long-term office lease of approximately 20,000 square feet at 701 Brickell for Aon Insurance Company. The company will occupy the 32nd floor of the office building, which is located in Miami's Brickell financial and tech neighborhood. Aon is relocating from a building where their name was on top, located at 1001 Brickell Bay Dr.

Cushman & Wakefield’s Brian Gale, Andrew Trench and Ryan Holtzman represented the landlord, Nuveen Real Estate, in the lease negotiations and CBRE’s Scott Goldstein and Keith Edelman represented the tenant.

“701 Brickell has added another household named tenant to one of the most prestigious tenant rosters in Miami,” said Gale, Vice Chairman at Cushman & Wakefield. “With this latest lease by Aon Insurance Company, 701 Brickell has signed five new leases totaling 60,000 sf in the past 12 months, including Apollo, Point72, Manhattan Life and Moore Capital. The trophy asset also contains other notable tenants like Holland and Knight, Facebook, Bank of America, Kaseya, AIG, EFG Capital and Alliance Bernstein.”

The 701 Brickell office building spans 33 stories and is situated on Brickell Ave. and Biscayne Bay. The LEED Gold Certified and Energy Star labeled building features efficient floorplans with unbeatable bay views, a conference facility, tenant only fitness center, covered parking accessible from Brickell Ave. or SW 8th St. and various on-site retail establishments. 701 Brickell is also at the center of Miami’s business community and located near 31 distinct transit routes.

“As the largest owner of Class A office on Brickell Ave., we have seen unprecedented tenant demand over the last 24 months. We couldn’t be more pleased to welcome Aon to 701 Brickell on our 32nd Floor with expansive views at a time when our substantial building lobby and amenity renovations are completing as well. We look forward to including them in our impressive tenant roster for years to come,” added Charles Russo, Nuveen Real Estate’s Southeast Regional Head for Office and Life Sciences.

Article by Katya Demina

Urbanica Sells Meridian Hotel To Miami-Based Investment Firm

The Urbanica Meridian Hotel, located at 418 Meridian Ave on Miami Beach was recently sold by Urbanica, the group responsible for facilitating the revitalization of the dwindling Fifth Street Corridor through their development of staple lodging, food, and beverage establishments. The hotel sold to Miami-based investment firm, Cambridge Lansdowne, for $30.5 million. Paul Weimer and Christian Charre of CBRE represented both the buyer and seller.

The Urbanica ownership team, Charlie Porchetto and Diego Colmenero, are now focusing on their new flagship projects, the largest within their hotel portfolio, including Urbanica Beach located in the North Beach neighborhood at 6747 Collins Avenue. The development, which includes 200 rooms and two pools, will be home to multiple restaurants and entertainment facilities. Urbanica has also acquired a property in the up and coming Edgewater area of Miami, Urbanica Biscayne at 3200 Biscayne Blvd. The hotel also offers 200 rooms for guests, 7,000 square feet of event space, and a number of conference, dining, and leisure options.

“We had a great opportunity to bring Urbanica Hotels to Miami seven years ago and contribute to the revitalization of Fifth Street, and did so with our first location of Meridian Hotel,” says Charlie Porchetto. “We’re proud of what this location has done for the neighborhood, and are looking forward to stepping into Edgewater and North Beach with these new properties, areas that have the same potential for growth as we saw with Fifth Street on Miami Beach.”

In Miami, Urbanica continues to own and operate the Urbanica Euclid and Urbanica Fifth hotels, both located on Fifth street on Miami Beach.

Douglas Elliman Realty Expands to Vero Beach With Acquisition of Daley & Company

Douglas Elliman Realty, one of the largest independent residential real estate brokerages in the United States, has expanded its Florida footprint to Vero Beach. With this announcement, the company welcomes acclaimed local brokerage Daley & Company, led by industry expert Sally Daley, which was acquired by the nationally recognized luxury firm earlier this month.

Bolstering its position in the market, Douglas Elliman Realty also announced that a top producing team from another national brokerage, Joseph & Joseph, led by Joseph Schlitt and Joseph O’Neill, also joined the company.

“We are excited to welcome The Daley Group and The Joseph & Joseph Team to Douglas Elliman,” said Scott Durkin, Chief Executive Officer of Douglas Elliman Realty. “We look forward to enhancing the Douglas Elliman business to now include a market as important as Vero Beach.”

Daley & Company has successfully sold over $232 million since 2020. Known for her marketing savvy, boundless energy, and an ability to merge creativity with analytics, Sally consistently ranks among Indian River County’s top producers. Sally has also achieved one of the highest list-to-sell-ratios in the county. Under her leadership, Daley & Company had more transactions per agent than any other firm in the county for the past six years. Prior to her career in real estate, Sally owned a public relations and marketing firm just north of New York City. Her firm provided services for high profile clients like Citibank, Hyatt Hotels, Champion Paper, Nine West Shoes, and The National Multiple Sclerosis Society, among others. Daley comes to Douglas Elliman Realty with four additional sales associates that will be based out of the firm’s Vero Beach office.

Joseph & Joseph’s Joseph Schlitt, Joseph O’Neill and Chris Mickley come to Douglas Elliman with over 38 years of experience in selling some of the most prestigious neighborhoods in Vero Beach and Indian River County. In addition to real estate experience, Joseph O’Neill was raised in the world of construction and real estate development, while Joseph Schlitt came from a real estate family background with over 70 years of Vero Beach residential sales experience. Their backgrounds provided a dynamic foundation for their current business strategy which elevates the luxury real estate experience. Since forming The Joseph & Joseph Team four years ago, the team has sold over $350 million in total sales volume.

“We are proud to welcome Sally Daley’s team of real estate professionals and the awarded Joseph & Joseph Team to Douglas Elliman Realty,” said Jay Phillip Parker, CEO of Douglas Elliman Florida. “Both brokerages and team members share the same high level commitment to offer exceptional real estate experiences for clients. This move into the new East Coast market greatly strengthens our presence across Florida and enables us to offer national and international connectivity for the rapidly growing Vero Beach real estate market. There is no question that our expansion into Vero Beach is aligned with our mission of being in all the markets that our clients want to be in.”

Both The Daley Group and the Joseph & Joseph team will now operate out of the brokerage’s newest office located in Central Beach on Ocean Drive. With this expansion Douglas Elliman Realty now has 22 offices with approximately 1,200 sales associates across Florida.

"After nearly 20 years of building this company and becoming one of the most recognized brokerages in the area, this alliance with Douglas Elliman is going to make an even bigger impact on the Vero Beach landscape,” said Sally Daley. “Douglas Elliman’s core values resonated with those of our firm and with whom I believe we can provide an unparalleled client experience. We’re thrilled to announce this exciting next chapter, which will empower us to offer our clients even greater exposure through Douglas Elliman’s national reach and strategic global alliance with Knight Frank.”

Sally is a founding member of REALM, an elite global membership organization of accomplished luxury real estate professionals, while Joseph Schlitt previously served as the president of the Indian River County Board of Realtors, is a past member of the Florida Board of Realtors and most recently District Vice President for Florida Realtors.

Vero Beach, located along Florida's Atlantic Coast, is a haven for golf, water sports and fishing. Peaceful beaches, museums, nature tours and a vast portfolio of beautiful real estate make Vero Beach a vital part of the region known as the Treasure Coast.