Continental Real Estate Companies (CREC), one of Florida’s largest commercial real estate services firms, has completed an office lease totaling 120,000 square feet that will see Lennar Corporation and its subsidiary, Rialto, renew and expand its anchor tenancy at Miami’s Lennar Corporate Center office park. The long-term lease, which includes office space at 700, 730 and 790 NW 107 Avenue, is among the largest office leases signed in South Florida over the past year.
CREC Principal David Moret and Vice President Douglas Okun represented landlord Colony Realty Partners in the transaction. Patrick M. Duffy and Jon Bourbeau of Newmark Knight Frank represented Lennar Corporation and Rialto.
With this renewal and expansion, Lennar expands its occupancy by approximately 30,000 square feet, edging Lennar Corporate Center’s current occupancy rate to 93%, significantly outperforming the Airport West submarket’s average class B vacancy rate of 24%.
“As one of Miami-Dade County’s largest office users, Lennar Corporation had an opportunity to relocate its global headquarters to any number of properties, instead choosing to expand at Lennar Corporate Center,” said CREC Vice President Douglas Okun. “Lennar’s decision to remain in place and take more space is a big boost for the asset and a strong sign that office space in the Airport West submarket is in high- demand among premium tenants.”
Lennar Corporate Center is located at the intersection of 107th Avenue and the 836 Expressway, offering direct access to Miami’s major thoroughfares, the region’s growing residential communities, and Miami International Airport. The 285,000 square foot complex is among the few business parks that offer gated security in the Airport West market, making it an address of choice for major corporate users. Current tenants include General Electric, Komatsu, Maersk, and Liberty Mutual Insurance, among others.
“Lennar Corporate Center is a text book example of an asset whose rock solid tenant roster is a demand driver in and of itself,” said CREC Principal David Moret, “The property’s location within striking distance of ample executive and workforce housing is an attractive draw for multinational companies looking to establish a corporate headquarters or regional presence in Miami.”