Private Equity Firm Inks Lease Deal To Occupy 12,000 SF In Coconut Grove

Jul 23, 2019 No Comments by

One Cocowalk, the new Class A office building under construction in Coconut Grove, has added Boyne Capital Partners to its tenant roster.

The private equity firm will occupy 11,597 square feet on the 4th floor of the five-story property. Upon completion in Spring 2020, One Cocowalk – coupled with a curated mix of retailers and restaurants within the adjacent Cocowalk – will solidify Coconut Grove’s position as a premier business and lifestyle community.

Boyne Capital is a Florida-based private equity firm specializing in providing the capital necessary to fund corporate growth and facilitate owners’ and shareholders’ goals. The company has invested in a broad range of industries, including healthcare services, agriculture, consumer products, niche manufacturing, business and financial services, and more.

Leasing activity at One Cocowalk has been brisk, with the office building approximately 65% leased prior to construction topping-off. Current tenant prospects include companies and entrepreneurs in the legal, accounting, wealth management and financial sectors.

CocoWalk – located at the intersection of Main Highway, McFarlane Road and Grand Avenue – was purchased in 2015 by Federal Realty Investment Trust (NYSE: FRT), Grass River Property and The Comras Company. The joint venture has embarked upon an extensive redevelopment plan that includes enhanced connectivity to surrounding streets and a repositioning of its commercial offerings in keeping with the area’s changing demographics.

 

“Coconut Grove is now awakening from a long hiatus in commercial development and that has resulted in pent-up demand for high quality office space,” said Jan Sweetnam, executive vice president & chief operating officer of Federal Realty Investment Trust. “Our location in the center of Coconut Grove will allow our office tenants to enjoy the benefits of a fully amenitized, modern office space. One Cocowalk will offer a full range of services, as well as the benefits that come with locating in the heart of Miami’s most walkable neighborhood.”

The re-imagined CocoWalk will be home to 150,000 square feet of retail, dining and entertainment space, a total of 100,000 square feet of office space, welcoming public areas, and a rooftop terrace. Retailers and restaurants recently signed include Mister 01 Extraordinary Pizza, Los Generales Mezcal & Grill, eyewear retailer Edward Beiner, and The Spot Barbershop, all set to open by spring 2020. This summer will also mark the announcement of several other exciting tenants.

One Cocowalk’s ownership was represented in the transaction by the commercial brokerage team of Tere Blanca, Danet Linares and Juan Ruiz of Blanca Commercial Real Estate. Randy Carballo, formerly of JLL, represented the tenant.

 

“Boyne Capital represents an excellent addition to One Cocowalk following our signing of industry leading co-working operator Spaces, which will anchor the new building,” said Tom Roth, principal of Grass River Property. “Still available for lease is the 21,000 square foot Penthouse featuring a double height lobby, sweeping bay views, and a private terrace overlooking Coconut Grove which is ideal for any firm looking to make a statement.”

Amenities at One Cocowalk will include dedicated elevators connecting office users with private parking, 24/7 security, and a visitor entrance and lobby. Tenants will have access to a full-service on-site gym, as well as to the building’s rooftop terrace and event space, an urban oasis overlooking Coconut Grove’s lush tree canopy and bay views.

 

“We’ve called Coconut Grove our home since the firm’s inception more than a decade ago. As our business has grown, so has the need for more efficient and modern office space. One Cocowalk’s prime location, just minutes from Miami’s chief business hubs, makes it the perfect location for our firm,” said Derek McDowell, founder and managing partner of Boyne Capital. “As a new office building, it offers amenities beyond what existing area properties can boast, allowing us to meet our expansion needs, and providing us with the kind of experience we were seeking to stay in the Grove.”

As the oldest permanent settlement in Miami-Dade, the Grove enjoys a rich and culturally diverse history. Today, its vibrant commercial district is booming with chef-driven restaurants and sidewalk cafes, trendy shops, several luxury hotels, art galleries and waterfront parks that preserve its walkability and complement its charm.

 

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