C&W Brokers More Than 72,000 SF Of Leases At Miami’s SunTrust International Center

Cushman & Wakefield announced that it has brokered more than 72,000 square feet of lease transactions in Miami’s SunTrust International Center.
The leasing team of Senior Director Jon Blunk, Senior Associate Cristina Glaria, and Director Laurel Oswald have signed 19,496 square feet of new leases, 4,826 square feet of lease expansions, and 47,946 square feet of renewals while representing building owner Crocker Partners.
Notable transactions include Marcum’s renewal of 14,000 square feet and U.S. Legal Support’s 10,000 square foot renewal/expansion. New tenants to the building include Adstream America, HBA Architects, Cogent Communications, and Bressler Amery & Ross, Q-nomy, and the Italian Trade Commission.
Much of this leasing activity comes on the heels of Crocker Partners’ $15 million capital improvement project. Completed in April of this year, the upgrade campaign included 20,000 square feet of new speculative Class A office suites, a 4,000-square-foot Bayview Sky Terrace, a new tenant fitness center, and a new conference facility.
SunTrust International Center is a 31-story, 449,000-square-foot, Class A office tower located in the Miami CBD at 1 SE 3^rd Avenue. The building is LEED Silver certified.
According to Cushman & Wakefield Research, the downtown office market has shown robust leasing activity and rent growth in recent months.
 

“Miami-Dade’s Central Business District (CBD) saw strong leasing activity that edged the market closer to more landlord-favorable conditions,” wrote Senior Research Analyst Mirta DeCespedes in Cushman & Wakefield’s 2Q 2015 Miami Office Marketbeat report. “CBD Class A rental rates closed the first half of the year with continued positive momentum. Downtown Class A direct rental rates closed mid-year at $43.34 per square foot, an increase of 2.2 percent from $42.40 per square foot.”

Much of this demand is driven by Millennials, who desire a live-work-play environment. This demographic shift has been documented in Cushman & Wakefield’s Facing the Millenial Wave report and further substantiated by the firm’s CORE VALUES: Why Companies Are Moving Downtown compendium.
Cushman & Wakefield’s Fall 2014 Urban Development Report indicated that Miami is the fourth-fastest growing Metro Area in North America behind only Atlanta, Toronto, and Washington, D.C.
 

“Miami’s urban core is undergoing a transformation unlike any other seen in the market before, including the development boom of the mid–2000s,” reads the report. “The CBD is a mere 1.7-mile area with a daytime population of over 200,000 people –- and growing.”

“More than 74,000 people live in the Downtown Miami market, which is double the number from just ten years ago,” continues the report. “Specifically in the CBD, households have increased 93 percent, and a substantial portion of residents are young [57 percent in the 20–44 age range].”

 

————————-

Get the latest industry news and information from CRE-sources delivered right to your email inbox! And we promise…no more than one email each morning. Just follow the instructions below.

Enter your email address: