The Real Deal Miami

Biggest South Florida office leases of 2015

Top five leases ranged from 120,000 sf to 260,000 sf

December 31, 2015 03:10PM
By Katherine Kallergis

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Motorola Solutions campus, Miami Center and the Airport Corporate Center

Clockwise from left: Motorola Solutions campus, Miami Center and the Airport Corporate Center

Cruise lines, tech companies and health care firms were among the largest office tenants inked in 2015. 

Click to enlarge

Click to enlarge

The top five deals ranged from 120,000 square feet at Miami Center to nearly 260,000 square feet at a Plantation office campus. The Real Deal analyzed CoStar Group data for the tri-county area in 2015 by square footage.

Those that missed the cut include Simply Healthcare at the Flagler Corporate Center in Miami and WeWork, which leased nearly 100,000 square feet in downtown Miami. Check out the list:

1. Magic Leap leases 260K square feet at Plantation office complex

3-D software developer Magic Leap signed a lease for 259,737 square feet at the former Motorola Mobility headquarters.

Magic Leap has started moving into its new space at 8000 West Sunrise Boulevard. The company expects make a capital investment of $150 million in Broward, according to the county’s economic development department in November.

Torburn Partners, privately owned Illinois-based commercial real estate company firm, refinanced the 77-acre office campus in August with a $43 million loan.

Motorola Solutions campus in Plantation

Motorola Solutions campus in Plantation

2. AmSurg Corp. inks 166K square feet at Plantation office campus

AmSurg, a publicly traded health care company, signed a lease for 166,793 square feet at the same office complex as Magic Leap. The Nashville, Tennessee-based firm was set to move in by September and expand by 55,000 square feet in 2017.

AmSurg agreed to pay $1.7 million in rent from Sept. 1, 2016, through April 30, 2017, according to the South Florida Business Journal.

3. Royal Caribbean renews Miramar office lease

Royal Caribbean Cruises Limited signed a lease renewal and extension with then-Chambers Street Properties, a real estate investment trust. Chambers Street merged with New York-based Gramercy Property Trust this month.

Royal Caribbean, the world’s largest cruise line, inked the 128,540-square-foot lease at the Miramar II building, at 14700 Royal Caribbean Way in Miramar. The Class A office building is adjacent to the I-75 Miramar Parkway exit.

The deal extends the lease to 2028, according to a press release.

Airport Corporate Center

Airport Corporate Center

4. Norwegian Cruise Line expands Doral headquarters

Norwegian Cruise Line in February renewed and expanded the lease for its corporate headquarters in Doral. NCL’s offices are located at Airport Corporate Center, a 1-million-square-foot, 11-building office park.

It added about 70,000 square feet to its existing lease, bringing the total to 276,364 square feet, the largest office lease signed in South Florida over the past five years, according to CBRE Research.

CBRE’s Diana Parker, Richard Bamonte and Janette Driggers represented the landlord, CBRE Global Investors. Stuart Gordon of Flagler Brokerage and Management Services, together with Jim Travers and Stewart Niles of Travers Cresa, represented NCL.

Miami Center

Miami Center

5. Citi renews 125K square foot lease at Miami Center

In June, Citigroup renewed its 15-year lease as the anchor tenant of Miami Center, a 34-story office tower in downtown Miami. Owner and landlord Crocker Partners has invested $20 million in renovations to the tower.

Citigroup’s lease spans 125,000 square feet, the largest in the building. Jon Blunk of Cushman & Wakefield brokered the lease for Crocker Partners, while Patrick Duffy of Newmark Grubb Knight Frank represented Citigroup.

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