Spotify To Open Headquarters in Wynwood's The Oasis Designed By Urban Robot Associates

Spotify will open a headquarters at The Oasis in Wynwood, which is scheduled for completion later this year (2020). Spotify has agreed to lease 20,000 SF in the urban campus for their Latin American HQ and plans to have up to 100 employees based out of the Wynwood location after they complete their move from Brickell.

“We are thrilled that Spotify is leasing space at the Oasis and are very happy to have played a role in making the vision of Wynwood as a best in class tech-hub become a reality,” said Erik Rutter co-founder of Carpe Real Estate Partners.

The Oasis is designed by Urban Robot Associates and is being developed by Carpe Real Estate Partners. The Oasis encompasses 70,000 SF including 35,000 SF of former warehouse space converted into 20,000 SF of creative office space with a 2,500 SF rooftop and 17,000 SF of retail space. Outside offers 35,000 SF of heaving landscaped outdoor courtyard space with an outdoor food hall and a 75’ tall “Tower Bar” made out of shipping containers to activate the outdoors and complete the urban campus. Retail suites will range from 1,000 SF to 6,000 SF.

“Wynwood is still in its infancy, and we are very excited to continue to watch the submarket mature. We feel that building a creative campus that attracts the likes of Spotify is the exact type of innovation that Wynwood needs to reach its full potential,” said David Weitz, co-founder of Carpe Real Estate Partners.

Wynwood has been a hotbed for corporate and office leasing with 545wyn by Sterling Bay nearing completion and launching leasing for Class A office space in the once warehouse and arts district. The Oasis is located at 2319 North Miami Avenue. Leasing is being oversee by Brian Gale and Andrew Trench of Cushman Wakefield.

For more information about commercial leasing in The Oasis, private showings or availability/ pricing information please fill out the form below:

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Blue Lagoon Community Gets Much-Needed Rental Development Soleste and A New Name

The Estate Companies, a leading developer of luxury multi-family projects throughout South Florida, has secured its certificate of occupancy (CO) for Soleste Blue Lagoon, a luxury, eight-story development with 330 rental units located at 5375 NW 7th Street in Miami.

The project broke ground in 2017 and move-ins began in October. Because Soleste Blue Lagoon is the only Class A market-rate project in the Blue Lagoon community, home to over 100 multinational companies, it quickly achieved 65 percent lease-up. The Blue Lagoon office community also recently announced a $10 million makeover and name change. The 250-acre office park will rebrand itself as the Waterford Business District, in order to remain competitive with Miami’s growing office market.

Tenants can select from a variety of studios, one, two and three-bedroom units outfitted with sleek, modern kitchens with custom cabinets, quartz countertops and designer lighting, dual master suites, spacious walk-in closets and private balconies overlooking Blue Lagoon Lake. Pricing starts in the $1,500’s for studios, $2,100’s for two-bedrooms, and $2,600’s for three-bedrooms.

“We are proud to deliver this transformative development to the Blue Lagoon area,” stated Robert Suris, managing principal, The Estate Companies. “Our firm is committed to developing beautiful and highly-amenitized communities at a competitive price point. This winning combination makes Soleste Blue Lagoon an attractive and dynamic option for high-quality, professional tenants.”

Like all projects within the Soleste Living brand portfolio, Soleste Blue Lagoon is curated with a vast collection of health and wellness offerings and social components, including a lakeside pool with spa, sundeck and private cabanas, co-ed spa with steam room and sauna, aerial yoga studio, state-of-the-art health and fitness club, spinning room with digital fitness instruction, rooftop garden with life-size chess, hammock and yoga lawn, and an electric car charging station.

This milestone comes on the heels of the firm’s grand opening of Soleste Twenty2, a 338-unit rental community, which is also experiencing high velocities at the current price points.

The Estate Companies is on track to deliver an additional 519 units this year with Soleste Alameda and Soleste Bay Village and has an additional 2,196 units in its pipeline slated for delivery early next year. Notable upcoming projects include Soleste Bay Village, Soleste Grand Central and Soleste Spring Gardens, among others. Its project portfolio features a mix of garden-style, mid-rise and high-rise rental developments in Dade and Broward counties.

By Katya Demina

PEOPLE TO WATCH: Meet Our Panelist Joe Furst, Principal of Place Projects

Join us on March 5th at X Miami for People to Watch: Leaders in South Florida Real Estate, where Joe Furst will be discussing his long-term value creation play in Wynwood and other neighborhoods, how he’s managed to cultivate the right partnership structure in his deals, and why he’s selective about projects that fit his skills, a hybrid between controlled placemaking, development and operations, including hospitality.

Joe Furst is the founder and managing principal of Place Projects, a Miami-based real estate investment firm, operating partner and placemaker focused on creating value in urban neighborhoods through thoughtful development, planning and content curation. Place Projects’ current real estate portfolio includes several residential, commercial and retail developments throughout Florida, including Wynwood, Doral, West Palm Beach and St. Petersburg. 

Prior to launching Place Projects, Joe spent over 10 years at Goldman Properties developing the Wynwood neighborhood of Miami and was responsible for all strategy, development, financing and leasing initiatives. Joe played an integral role in the transformation of Wynwood from a fragmented industrial district into an engaging destination and live-work-play neighborhood. 

Joe also founded and served as Chair of the Wynwood Business Improvement District (“WBID”), where he championed policy initiatives that ensured Wynwood’s thoughtful growth while preserving its unique character. Ultimately, the WBID, in cooperation with the City of Miami, created the Wynwood Revitalization District (“NRD”) zoning overlay which allowed Wynwood to develop into a diverse, mixed-use neighborhood.  The NRD won the 2016 American Planning Association Award for best planning and zoning policy for economic development.  

His involvement and deep commitment to the area gave him the runway for his own large-scale, ground-up development project: 545 Wyn, the first Class-A office space in Wynwood, whose amenities more closely resemble a hotel than a traditional office. As of today, the building has topped off and glass casing has been installed.

Joe and his development partner, Sterling Bay, acknowledge the risk in building a spec project, especially given the new supply of office space on the market, but their strategy is unwavering. They are confident that the introverted retail plaza, side-core design of the building and lifestyle amenities will attract the right tenants. Amenities will include an activated roof deck and full service fitness facilities, including yoga, spinning and gym.

The development includes 298,000 square feet of flexible office space on large floorplates, as well as 26,000 square feet of ground-floor retail and an 18,000-square-foot tenant amenity floor featuring indoor and outdoor collaborative workspaces, ultra-modern conference rooms and a state-of-the-art wellness center. 545 Wyn will afford its tenants the option of having private open-air balconies and direct access to an adjacent paseo park. Newmark Knight Frank is leading leasing efforts and they are hoping to attract creative tenants in high-growth industries like tech and media.

Sterling Bay announced that Gensler, a leading architecture, design and planning firm, has signed a long-term lease to be the first office tenant at 545 Wyn. Gensler is also the lead designer and architect for the project and will lease 13,456 square feet in 545 Wyn, which is anticipated to open in late 2020.

Joe was born and raised in Miami, Florida.  He graduated from Hamilton College and obtained a law degree from the University of Miami.  After practicing law, Joe returned to graduate school to obtain a Masters in Real Estate from the Warrington College of Business at the University of Florida.  

Hear from Joe on March 5th at People to Watch: Leaders in South Florida Real Estate. Get your tickets below.

Event Page: http://profilemiamire.com/profilemiami-presents-people-to-watch-leaders-in-south-florida-real-estate-x-miam

By Katya Demina

$45 Million Trophy Office Building for the 1% Hits the Market in South of Fifth

The Yukon Miami, which commands one of the highest per square foot rents in Florida at $78 per square foot, is located at 119 Washington Avenue in Miami Beach’s affluent South of Fifth neighborhood. The Arquitectonica-designed office building has just hit the market for $45 million. Amit Egan Datwani of The Global Consulting Organization and Cyril Bijaoui of The Company Real Estate are representing the seller. 

The 43,140-square-foot commercial office building is the only Class A office building located in the South of Fifth enclave steps away from world-class, record revenue breaking restaurants, including Joe’s Stone Crab, Estiatorio Milos, and Prime 112.

In addition to its prime location, The Yukon Miami features more than 8,000 square feet of available rooftop terrace space with 360-degree views of the Atlantic Ocean, Miami Beach, and Downtown Miami, the largest commercial roof and deck space in South of Fifth.

“Nestled between Fisher Island (the richest zip code in the United States) and the revitalized Washington Avenue only enhances the locational appeal of the South of Fifth neighborhood,” said Amit Egan Datwani, founder and chief consultant at The Global Consulting Organization. “The Yukon Miami is the ideal opportunity for a visionary investor that understands this and has the ability to transform the property from a trophy asset to an absolute gem.”

Premier tenants include One Sotheby’s International Realty, Red Steakhouse, W5 Group (a global real estate investment platform), and several financial companies, including Boston-based Raptor Capital Management, Manhattan-based York Capital Management, and Sero Capital.

A private launch party to promote the building hitting the market will be held on The Yukon’s rooftop terrace next month.

By Stephanie Warren

PROFILE Exclusive: Private Equity & Navigating A Changing Retail Landscape With Jacques Bessoudo of Galium Capital

Very few investors have been able to successfully navigate the changing retail and office market landscapes as well as Galium Capital’s Managing Partner, Jacques Bessoudo. Building his firm to over $350 million of commercial assets in just two short years, Galium Capital is poised to be one of the major private equity players over the next decade in South Florida real estate. We caught up with Jacques to get inside of his mind to find out how he started Galium Capital, what is his investment strategy, what his views are on the future of the market and his framework for continuing to grow Galium Capital:

Q: Give us some background on yourself? How did you first get involved with Real Estate?

A: I moved to the US from Mexico in 2010 to attend Business School at Harvard. Real estate has always been a passion of mine, and since I was in school I started taking some classes and focusing on learning the industry. After graduation we moved to Miami, and shortly after I found myself doing deals. In the beginning they were small and it was mainly friends and family that had trust in me. Fortunately, those initial ones were successful, and was able to be the base to transition into institutional-quality deals, always retaining our entrepreneurial mindset.

Q: When and why did you start Galium Capital?

A: Galium Capital was founded in 2018 by Iser Rabinovitz and myself. Being from Mexico and seeing so much instability throughout global markets, we noticed that there was an opportunity to help international investors make smart commercial real estate investments in U.S. markets. Commercial real estate assets in the U.S. provide cash flow and appreciation while matched with capital preservation for foreigners. We started with a small service center in Orlando, and Parq 170 at City Center, a 290-unit multifamily apartment building in the D.C. area.

Q: What is Galium Capital’s Investment Strategy?

A: We want to allow private investors to have access to the institutional real estate investment market, with all the efficiencies and formalities that it entails, including: low financing costs, professional management, optimal risk-return profile, institutional reporting, etc. At Galium Capital we approach each deal differently. Because we are not a “fund” it allows us to be flexible within our investment strategy to maximize the value of potential opportunities we present to our investors. We invest in commercial real estate assets in the sectors of multi-family, office and retail. We also pursue deals that have a value-add potential, whether from vacancies, below market rents or renovation. We have value-add deals, and core, stabilized deals for the yield-seeking investor.

Q: Galium Capital has been active retail buyers at a time when retail has been changing due to consumers shopping online, amongst other factors. What is the strategy to your success investing in retail? 

A: We have a very robust criteria when it comes to investing in retail which has helped us be successful in our investments. We pursue un-anchored, e-commerce proof retail assets in sound markets that we feel strongly about. Typically these assets are service-oriented neighborhood retail centers in high-traffic locations. While consumers may be turning to e-commerce for their shopping needs, there is a demand for a retail presence for service-oriented businesses such as accountants, insurance, real estate brokers, spas, gyms, restaurants, barbers, bars and lounges, etc. By avoiding retail centers with large anchor stores, we alleviate the risk of a single tenant bearing a large portion of the properties rentable square footage or revenue which could be detrimental upon vacating their space.  

Q: What types of properties and investments has Galium seen the most success in? 

A: As we operate deal by deal and invest our own money into each deal, we take it upon ourselves to be ultra-selective on the deals that we pursue. Due to this we have seen success in multiple commercial real estate sectors including retail, office and multi-family. Each deal has a different investment opportunity, some via rental income and CAP rate compression over the hold period for an additional appreciation gain at sale; others are high yield cashflow investments. 

Q: Galium has acquired property on a national scale, what markets do you see the most strength in right now? Is there anywhere you guys are looking to expand to or are avoiding? 

A: We focus on markets with high growth in population, employment, and wages. We also take market-level pricing into consideration, in comparison to historic levels, and comparable markets. We are pursing assets in states such as Florida, Washington, Virginia, Texas and the Carolinas    

Q: What is Galium Capital’s focus for 2020? What does the future hold?

A: We are in the end stage of an expansionary economic cycle, so we want to be extra selective in new acquisitions. We are probably going to execute on a few deals only, focusing on sustainable growth.We will continue to focus on increasing the yield produced by our current investments and optimizing their operations. We have some exciting new potential acquisitions in the pipeline and are looking to close on our newest property in early February 2020. We look forward to making smart real estate investments for successful results throughout 2020 for our investors.

About Jacques:

Jacques is actively involved in the asset management of over $200M of real estate properties and development. In addition, Jacques oversees the property management of over 200 single-family homes. Jacques’ prior experience includes eight years in The Boston Consulting Group, one of the top global strategy consulting firms. Jacques holds an MBA from Harvard Business School, and a BA in Finance from ITESM.

About Galium Capital:

Galium Capital is an Aventura-based Private Equity firm which owns and manages more than $350 million in commercial assets across the United States with asset management and property management performed in-house. Galium Capital invests in multifamily residential, retail, hotels and office space. Galium Capital is led by Jacques Bessoudo and Iser Rabinovitz.

Visit Galium Capital at www.galiumcapital.com

Rannan Katz's RK Associates Proposes R.K. Center Mega-Project in Fort Lauderdale

Rennan Katz’s RK Associates has proposed R.K. Center, a 5-tower mega-project in Fort Lauderdale. The proposal would replace a former Sears and is currently being reviewed by Fort Lauderdale’s Design Review Committee. R.K. Center would feature restaurants and street front retail along with 5 mixed-use towers featuring office space, retail, hotel and residential apartments. Parcel 1 will feature 3 towers rising 30 stories (X2) and 15-stories offering 819 residential units, 71,960 of commercial space, 4,000 SF of restaurant space, a 4,000 SF food hall and 1,351 parking spaces. Parcel 2 will rise 17-stories and will feature 192 hotel rooms, 22 residential apartments, 3,480 SF of restaurant space, a 1,290 SF cafe and 288 parking spaces. Parcel 3 will rise 15 stories and will feature 135 residential apartments, 4,178 SF of retail, 2,295 SF of restaurant space, a 10,312 SF art gallery and 230 parking spaces. R.K. Center will bring an active urban lifestyle to Fort Lauderdale for both the general public and end users.

Sterling Bay’s 545wyn Tops Off and Celebrates Retail Leasing Launch

545wyn, Wynwood’s first true Class-A office space, led by Chicago-based real estate investment and development firm Sterling Bay, recently celebrated its topping off and retail leasing launch. The 10-story, 325,000-square-foot mixed-use development broke ground in December 2018 and is expected to deliver in late 2020. It presents an exciting opportunity to future office and retail tenants, thanks to top-of-the-line amenities and thoughtful design elements, says Michael Lirtzman, Sterling Bay’s director of leasing. In addition to Sterling Bay, a leader in urban campus headquarters, the local team consists of Place Project’s Joe Furst and Gridline Property’s Alfredo Riascos.

The team has emphasized the importance of carefully curating the retail tenancy and their on-the-ground experience in the neighborhood. “Based on my deep commitment and development history in Wynwood, I want to bring the best possible solutions for its evolution and successful growth as a premier destination to live, work and play,” says Furst, who was previously the managing director of Goldman Properties. 

The development features a private, 4,700-square-foot interior wellness center complete with spinning and yoga and is also complemented by a 17,000-square-foot activated roof deck with full kitchen and bar services. Sterling Bay has also committed to reserving the west façade of the office tower as a canvas with plans to commission murals by local community artists to maintain respect for the neighborhood’s roots and character as a hub for creative expression. 

On the ground floor, 545wyn features 26,000 square feet of retail intended to house three marquee tenants with a heavy emphasis on food, beverage, entertainment and lifestyle services. A major highlight includes a paseo park linking 26th and 27th Streets, spilling into a courtyard that connects the property to neighboring buildings. In addition to retail, approximately 270,000 square feet of flexible, modern office space on highly sought-after large floor plates with floor-to-ceiling windows provides future office tenants with the ultimate modern office experience.

Written By: Stephanie Warren

Joint Venture Led By Related Group Reveals The Dorsey In Wynwood Designed By Arquitectonica

A joint venture between Jorge Perez’s Related Group, Alex Karakhanian, and Tricera Capital, led by Scott Sherman, have revealed plans for The Dorsey in Wynwood. The Dorsey is being designed by Arquitectonica and when complete will rise 12-stories and will feature 306 apartments, 35,858 SF of retail space and 58,760 SF of office space. The Dorsey will be built at the site of the former Coca Cola plant and was previously owned by Thor Equities and Rockwood Capital who had proposed a Touzet Studio-designed project. The JV, which purchased the 2-acre site in late 2019 for $32 million, has obtained a permit to demolish the existing buildings on the site, some of which were originally built in the late 1920’s. Miami’s Urban Development Review Board will review the proposal on December 18. The Dorsey will be located at 280 NW 28th Street.

Avison Young Secures New, Long Term Co-Working Office Lease For Entire Floor At 800 Brickell

Avison Young negotiated a new, long-term,14,280 SF lease on behalf of CoSuite™ at 800 Brickell Avenue, a 15-story, 209,122 SF office tower in Miami’s Financial District. The tenant will take the entire fourth floor and bring the building’s occupancy to 85.4%.

Avison Young Principal and Managing Director Donna Abood, Vice President Joe Abood, and Associate Peyton Dowd represented the tenant during the lease. On the heels of the transaction, the team was retained by new ownership, Gatsby Enterprises in partnership with MasterMind Properties, to handle office leasing at 800 Brickell.

“Located at the gateway of Miami’s Financial District, this trophy office property is perfectly positioned for a co-working environment,” said Donna Abood. “Clients will enjoy the abundance of amenities in the surrounding area and ease of access to all major highways and thoroughfares.”

CoSuite, a hybrid of co-working space and executive suites, will benefit from 800 Brickell’s strategic location on the corner of Brickell Avenue and SE 8th Street granting users immediate entry to Interstate 395, Interstate 95, and the 836 Expressway.

“CoSuite fills a void in the shared office sector for individuals and companies seeking to have the flexibility, professional environment and superior amenities within open workspaces and traditional work settings,” said Tom Weber, CEO & President of CoSuite. “800 Brickell is a premium location and our second of many that we will focus on in Florida and the east coast of the United States.”

Miami’s office market recorded positive net absorption and healthy leasing activity overall during third-quarter 2019. One of the three largest class A office submarkets in terms of inventory, Brickell posted the lowest class A vacancy at 7.18%, followed by Airport/Doral (11.59%) and Downtown Miami (19.86%).

CIM Group & OneWorld Properties Go Vertical At Mixed-Use Wynwood Square

Two tower cranes are now installed at 2201 N Miami Ave. where CIM Group and OneWorld Properties have gone vertical with the Stantec-designed Wynwood Square. When complete the mixed-use development will feature 2 towers rising 12-stories complete with 257 residential rental apartments complete with a full suite of amenities, 60,000 SF of office space, 27,000 SF of ground floor retail and 480 parking spaces. The development partnership was able to lock-down a $71.2 million construction loan from Sumitomo Mitsui Banking Corporation and completion is expected at one point in mid-2021.