Coworking Provider Industrious Coming To The Dorsey In Wynwood

Coworking provider Industrious has signed a lease for 41,000 square feet at The Dorsey in Wynwood which will be their third location in the Miami area and eighth in Florida. Industrious expects the Wynwood location to open in 2022. The Dorsey is currently under construction after breaking ground in December 2020 and is being developed by the Related Group, Alex Karakhanian’s LNDMRK Development, and Scott Sherman’s Tricera Capital. The JV development partnership secured $87.45 million in construction financing from Bank OZK in January 2021.

The Dorsey is a mixed-use project which will rise 12-stories and will feature 306 apartment units; 35,000 SF of retail; 70,000 SF of office and 476 parking spaces. Units will range in size between 500 and 700 square feet with some micro-units in the 400 square foot range. The project was designed by Arquitectonica and will be located along one of the planned Woonerfs as part of Wynwood’s new ArquitectonicaGEO-designed streetscape, which open up space for pedestrians while also allowing car access.

The Dorsey is being 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, demolished existing buildings on the site, some of which were originally built in the late 1920’s including the former Coca Cola plant. The Dorsey is located at 280 NW 28th Street.

Vision Properties Acquires The Cypress Financial Center In Fort Lauderdale For $44.24 Million

The Tampa-based Vision Properties has acquired the Cypress Financial Center in Fort Lauderdale for $44.24 million. The seller was a joint venture between Steelbridge Capital, Square2 Capital and Apollo Global Management and the sale was overseen by JLL’s Herman Rodriguez, Ike Ojala and Matthew McCormack. BSPRT CMBS Finance LLC provided $27.62 million in mortgage financing.

The Cypress Financial Center was developed in 1988 and is located on 2.8-acres at 5900 N Andrews Ave. The office building offers 201,305 square feet of leasable office space with 785 parking spaces. Cypress Financial Center was under contract to be sold when the COVID-19 pandemic hit in March 2020 for $45.5 million to the Toronto-based Slate Office, who ultimately walked away. The selling joint venture acquired the building in 2014 for $32.55 million.

Mana Common Partners With Plug And Play To Bring Global Tech Accelerator To Downtown Miami

MANA Common, led by CEO and visionary entrepreneur Moishe Mana, has announced that it will partner with the global innovation platform, Plug and Play, to establish a presence within Downtown Miami’s Flagler District. Plug and Play, based in Silicon Valley, is the world’s largest global innovation platform and investor.

“Miami has always had the components to make it a global technology hub,” says Moishe Mana. “Now that remote work has allowed tech workers and founders to live nearly anywhere, we’re seeing an acceleration of Miami’s emergence as a leading city for tech.”

The collaboration aims to unite the most promising startups with the world's impactful corporations to drive investment, foster innovation, and secure collaborative partnerships across an array of verticals within the Miami tech ecosystem.

This marks the first Miami office for the tech platform, which besides its headquarters in the Silicon Valley has offices in dozens of cities including Paris, Tokyo, Chicago, São Paulo, and Shanghai.

"We look forward to being a dynamic part of the growing tech community in Miami,” says Saeed Amidi, Founder and CEO of Plug and Play. “Our partners will bring their knowledge, expertise, and experience to help our startups grow. Connecting these key stakeholders and industry experts will expedite the digital and cultural transformation in a location ripe for explosive growth. We will work hand-in-hand with Mana Tech to find the founding partners to further develop the tech community.”

For Mana Common, the partnership is one of the first steps in executing their vision for the Flagler District as the economic center of Miami. Mana is Miami’s largest private landowner and their current efforts are focused on their dozens of properties surrounding Flagler Street in Miami’s Downtown core.

“This marks a huge milestone and opportunity for the Miami tech scene,” says Michelle Abbs, Managing Director of Mana Tech, one of the six divisions of Mana Common. “We’ve been actively listening and responding to the local tech community, and we’re excited to deliver a solution like this with Plug and Play who has successfully built complete innovation ecosystems multiple times. It’s the connection that the Miami tech and business communities have been lacking, until now.”

The annual program is designed to host two cohorts per year. Mana Common will co-host the first event with Plug and Play in Miami on February 16, 2021 intended to gather interest from the initial founding members that will jointly work in this project. Miami-Dade County Mayor Daniella Levine Cava, Miami Mayor Francis Saurez, and other corporate partners have confirmed their attendance.

Plug and Play’s platform includes an array of innovation protocols and a curated selection of startups, including the Miami tech entrepreneurs, that will help corporations bridge the gap to bring new products and services to market faster. Plug and Play will offer business development opportunities, mentorship, and networking for startups, investors, and corporations. Twice per year, the founding corporations will choose 10 to 15 startups to benefit from these opportunities.

DRA Advisors Lists Pinnacle Corporate Park Portfolio In Fort Lauderdale

A fund managed by DRA Advisors LLC has entrusted Avison Young’s Florida Capital Markets Group to sell Pinnacle Corporate Park, a two-building, class A office portfolio at 500 and 550 W. Cypress Creek Road in Fort Lauderdale, Florida. Avison Young Principals John K. Crotty, CCIM; David Duckworth; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; Greg Martin, and George Vail will lead the sale. The transaction team also includes Avison Young Vice President Brian C. de la Fé and Associates Berkley Bloodworth and Emily Brais.

The asset totals 259,458 square feet on 14.31 acres in Broward County’s Cypress Creek submarket. Pinnacle Corporate Park is positioned in the heart of Fort Lauderdale’s Uptown Urban Village, a master plan that supports the development of a thriving, transit-supportive, mixed-use neighborhood. Its offices are less than a mile from Interstate 95 and directly accessible from the Cypress Creek Tri-Rail station.

“Pinnacle Corporate Park is the most desirable property in the Cypress Creek submarket due to its strong occupancy, rental rate growth, and immediate potential for lease-up,” said Crotty. “In addition to the existing value, the offering provides the opportunity to maximize land on the site in the coming years through residential development.”

Pinnacle Corporate Park coming to market represents the trend of large funds and institutional owners’ confidence to sell large office assets again, as sales declined immediately following the pandemic. The deal would be similar to the recent $78.42 million Plantation Crossroads three-building portfolio sale.

“We are seeing an uptick in demand for investors looking to deploy capital in well-located South Florida office assets,” said Duckworth. “Pinnacle Corporate Park is ideally situated near major expressways, transit, and amenities, and provides the perfect opportunity.”

Magic City Tech Boom? Microsoft In Negotiations At 830 Brickell And Elon Musk Wants To Build Tunnels Under Miami

Miami, the magic city, is on track to become the next Silicon Valley as the fallout from the COVID-19 pandemic has brought people flocking to South Florida. Florida saw the second highest population growth over any other state in 2020, following Texas, adding over 240,000 new residents in a single year. The influx of new residents is being driven by those looking to take advantage of remote-working opportunities or seek a state that has let business remain open and has pro-business tax structure. This has led to Miami and Palm Beach real estate pricing and absorption reaching near record highs.

Not only are the new residents flocking from the high-tax New York, at the same time as South Florida’s population boom, the San Francisco Bay Area has seen an exodus of venture capitalists and tech entrepreneurs. Mayor Francis Suarez has opened up the city to tech entrepreneurs and has expressed interest in bringing innovative companies to the magic city and making Miami a global tech hub. Mayor Suarez recently announced he will be appointing a Chief Technology Officer for the city.

Miami’s office market is being a surge in demand and setting record high pricing. Microsoft (NASDAQ: MSFT) is one of the major tech firms looking to move to Miami, the multinational software provider is actively in negotiations to lease 30,000 square feet of space at OKO Group’s 830 Brickell, a 56-story office tower adjacent to Brickell City Centre which is currently under construction. Pricing is still relatively cheap compared to other major markets, asking rates at 830 Brickell are reportedly in the $70’s PSF range. Ken Griffin’s Citadel Securities hedge fund is also reportedly looking at office space in 830 Brickell as is the Chicago-based law firm Baker McKenzie.

The biggest news came when Tesla and SpaceX founder Elon Musk tweeted that he had talked with Florida Governor Ron DeSantis about building a tunnel system underneath Miami to eliminate traffic and pollution. Mayor Suarez tweed that “we will do it,” and invited Musk to visit him at City Hall. In the past Miami has had success building tunnels at a comparatively low cost. The initiative would be led by Elon Musk’s Boring Company, who is getting ready to reveal the Vegas Loop to the public, a 4,475’ tunnel loop under the Las Vegas Convention Center. In the Las Vegas Loop passengers will reach speeds up to 155 mph and will ride in Tesla Model X’s, Model 3’s, and a 16-passenger modified Model 3. Las Vegas in now working with the Boring Company to build a citywide network of tunnels.

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Related Group Reveals Plans For Transit-Oriented 41-Story Miami Station In Downtown Miami

Related Group has revealed plans for Miami Station, a proposed transit-oriented 41-story mixed-use tower adjacent to MiamiCentral Station. Miami Station is located at 525-533 NW 2nd Ave. in Downtown Miami on a 30,527 SF lot that is the former site of the never completed Krystal Tower. The project is designed by ODP Architects and plans have been submitted to Miami’s Urban Development Review Board for review. If approved Miami Station would rise 458’ and would feature 200,234 square feet of office space, 309 apartment units, 8,508 square feet of commercial space and 510 parking spaces. Amenities would include a 22nd floor amenity deck and a rooftop pool.

Related Group Files Plans For Redesigned One Island Park By Arquitectonica On Miami Beach's Terminal Island

Related Group has filed redesigned plans to build One Island Park, a proposed Class A office complex on Terminal Island in Miami Beach. The proposal will be reviewing by Miami Beach’s Design Review Board in early February. One Island Park will feature 123,087 square feet of Class A office space spread over two five-story buildings designed by Arquitectonica. The project will also feature a 120-seat restaurant and 283 parking spaces. The development will preserve the existing superyacht marina with 7 existing boat slips.

In 2017 Related Group sought a zoning change in an effort to develop a project with 90 condominiums on the site. Related Group first acquired the 3.71 acre site, located at 120 MacArthur Causeway, in 2013 for $9.94 million.

Related Companies To Acquire The Phillips Point Office Complex In West Palm Beach

The New York-based Related Companies, led by Stephen Ross, is under contract to acquire the Phillips Point office complex in West Palm Beach for roughly $282 million. The seller, AEW Capital Management, acquired the property for $245 million in 2015. Related Companies will oversee asset management and leasing.

Phillips Point is located at 777 South Flagler Drive, at the foot of the Royal Palm Bridge, and was developed in 1985. The twin-tower Class A office complex has a tenant list that includes top financial firms Goldman Sachs and Morgan Stanley as well as law firms Greenberg Traurig, Gunster and Akerman. The transaction comes at a time when a number of financial firms are moving from high tax northern states to Florida.

Stephen Ross and Related Companies are no stranger to West Palm Beach, having developed Rosemary Square, previously called CityPlace, a mixed-use project with dining, shopping and residential components. Related Companies is also planning to break ground on One Flagler, a 270,000 square foot, 25-story office tower in on Flagler Drive and OkeeChobee Blvd. in West Palm Beach. Stephen Ross also owns the Miami Dolphins.

Blackstone Group Signs Long-Term Lease At MiamiCentral For South Florida Expansion

Blackstone Group has signed a long-term lease at 2 MiamiCentral in Downtown Miami as the investment group moves forward with their South Florida expansion which was announced in October 2020. Blackstone will occupy 41,000 square feet over two floors in the recently completed 2 MiamiCentral where the group plans to have over 200 employees who will be focused on tech. The lease was overseen by Alan Klebar and Ryan Nunes of JLL, who represented Blackstone, as well as Danet Linares and Andres del Corral of Blanca Commercial Real Estate, who represented the landlord. The newly signed lease brings 2 MiamiCentral, which is owned by Shorenstein Properties, to 98% occupied with other tenants included Ernst & Young, Carlton Fields and New Fortress Energy. Asking rates at 2 and 3 MiamiCentral are $40 NNN.

“Miami is a vibrant city with a pipeline of top technology talent available from best in class university programs, as well as an experienced workforce that will enable us to diversify our talent pool and grow our technology team. 2 MiamiCentral’s prime downtown location and access to mass transit make it an ideal office location,” said John Stecher, Blackstone’s Chief Technology Officer.

MiamiCentral was developed by Florida East Coast Industries and completed in 2018. The 2 MiamiCentral and 3 MiamiCentral office buildings have highly efficient, open rectangular floor plates, floor to ceiling windows boasting unobstructed views, market leading amenities, and direct access to local and multi-city mass transit. The 17-story 2 MiamiCentral is located at 700 NW 1st Avenue and features 190,000 square feet of Class A office space with a 288-stall valet parking garage that sit adjacent to Miami Central Station, the transportation hub serving four rail lines including the Brightline. Combined 2 and 3 MiamiCentral feature 320,000 square feet of Class A office-space and were acquired by Shorenstein Properties for more than $159 million in 2019.

JP Morgan Chase Bank Office Building In Weston Sells For $8.9 Million

The JP Morgan Chase Bank office building in Weston, FL, has sold for $8.9 million. The 26,782-rentable-square-foot office building, anchored by JP Morgan Chase Bank, is located at 1040 Weston Road in the high-barrier-to-entry submarket that generates significant buyer interest. HRE/SEFIRA Weston Office, LLC, was the seller, and Shaked 21, LLC, was the buyer in the transaction which was overseen by Avison Young’s Florida Capital Markets Group led by principals David Duckworth; John K. Crotty, CCIM; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; Vice President Brian C. de la Fé; and Associates Emily Brais and Berkley Bloodworth.

“The Chase Bank building is 100% occupied and, with medical tenants comprising more than 60% of the tenancy, garnered notable investor interest in a market where buyers are seeking stable, recession-proof assets,” said Duckworth. “Ultimately, our team secured the right buyer for the sale, allowing our client to realize a positive return on investment during a pandemic after a three-year hold.”

Avison Young In 2017, the Avison Young team facilitated the sale of the same building to HRE/SEFIRA Weston Office, LLC, as part of a two-building portfolio spanning approximately 63,000 square feet for $13 million. The HRE/SEFIRA partnership, led by Highline Real Estate Capital Principal David Moret, completed a series of cosmetic improvements to the Chase Bank building which enabled ownership to increase occupancy from 84% to 100% and increase rental rates to generate a 52% gain in the price within three years.

“Overall, sales activity has picked up since the end of the third quarter and into the fourth, as buyers have more clarity on where the market is going and are eager to place capital,” said Crotty. “The buyer in this deal acquired a property that has performed extremely well throughout the pandemic and is poised to continue to do so as we transition into the new normal.”

One of the most desirable, high-barrier-to-entry suburban office locations in Broward County, Weston is part of the Southwest Broward submarket, the only submarket in the county to report positive net absorption in third-quarter 2020.