The Real Deal Miami

Aventura ParkSquare office condos sell out for $56M

Units in the nine-story, 100,000 sf tower averaged $560 psf

August 18, 2015 11:15AM
By Katherine Kallergis

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Rendering of Aventura ParkSquare Signature and Victor Ballestas, principal of Integra

Rendering of Aventura ParkSquare Signature and Victor Ballestas, principal of Integra Investments

Aventura ParkSquare has fully presold its 100,000-square-foot Class A office tower for about $56 million, The Real Deal has learned. 

Office condos at ParkSquare Signature averaged $560 per square foot, a spokesperson for Integra Investments told TRD. Integra is developing the 8.5-acre, mixed-use development, which will also include a 131-unit luxury residential condo tower, 55,000 square feet of retail, a flagship select-service hotel and a 45,000-square-foot wellness medical center.

The 11 buyers are primarily local, according to Integra. Investment groups, insurance companies, developers and family offices purchased office units, which range from 12,000 square feet to 15,000 square feet. Crescendo Real Estate is the project’s exclusive sales and marketing firm.

Reservations are being converted to contracts, with a groundbreaking scheduled for the fall.

“This exciting sales achievement is yet another major milestone that solidifies the extraordinary momentum we’ve experienced with Aventura ParkSquare,” Victor Ballestas, principal of Integra Investments, said in a statement. “We look forward to beginning construction and introducing this new ‘fit city’ and its unique lifestyle to Aventura.”

Zyscovich Architects designed the nine-story office tower, which will feature floor-to-ceiling windows, a glass-enclosed lobby conference room, and a fifth-floor alfresco terrace. Steven G. Interiors handled the interiors. Amenities within ParkSquare will include restaurants such as Icebox Cafe, outdoor green spaces and 24-hour valet and security. Barry’s Bootcamp and greenmonkey yoga will also be tenants.

The health-oriented development will also feature extra-wide sidewalks for walkability; open staircases that support less use of elevators; and the elimination of curbs. It will be located on the corner of 2900 Waterways Boulevard and Northeast 207th Street, near a planned AC Hotel by Marriott, which recently received a $35 million construction loan.