The Real Deal Miami

CushWake scores 120K sf office leasing assignment in South Beach

Landlord is planning a big overhaul to buildings including renovated lobbies and bathrooms

August 30, 2016 02:15PM

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1674 and 1688 Meridian Avenue (Inset: Cushman & Wakefield's Gordon Messinger)

1674 and 1688 Meridian Avenue (Inset: Cushman & Wakefield’s Gordon Messinger)

With Terranova Corp’s in-house leasing team out of the picture, Ivy Realty has brought on Cushman & Wakefield to manage its two newly acquired office buildings in South Beach.

The brokerage announced Tuesday that it would handle leasing for both 1674 and 1688 Meridian Avenue, a pair of adjacent mid-century commercial buildings with nearly 120,000 square feet of office space between them.

According to data from the CoStar Group, they’re 91 percent and 81 percent leased, respectively. Asking rents start at $43 per square foot, annually.

Ivy, an investment firm based in Connecticut, bought the two Class B offices from Terranova Corp. last month for a combined $49 million. According to Cushman’s announcement, Ivy is now ready to start a major facelift for the properties including redone lobbies, bathrooms and corridors. It’s also building out spec spaces to attract new tenants.

Terranova had handled leasing for both properties in-house after picking them up for $27 million in 2004. Some of their major tenants: Workspace provider Regus, talent agency Next Model Management and SCPJ, a branch of advertising firm J. Walter Thompson Worldwide.

Cushman & Wakefield’s Gordon Messinger will head marketing efforts for the two buildings. — Sean Stewart-Muniz