Miami Children’s Hospital signs 20,000-square-foot lease in Biscayne Corridor

Apr.April 30, 2012 05:15 PM

Miami Children’s Hospital has signed a lease for 20,000 square feet in the Baypoint Center building on Biscayne Boulevard, The Real Deal has learned. The hospital will use the space, which is located at 3915 Biscayne Boulevard between 39th and 40th street, as its new Midtown outpatient center, which is set to open later this year.

“Biscayne is hot,” said Lyle Chariff, owner of Chariff Realty Group, who, along with broker associate Mauricio Zapata and attorney Rafael Sanchez-Aballi represented landlord Baypoint Center in the transaction.

Miami Children’s Hospital was represented by Michael Comras president of the Comras Company in the deal.

Miami Children’s Hospital, whose main campus is located at 3100 SW 62nd Avenue in Miami, also has several other South Florida locations, including in Kendall, Miami Lakes, Doral and Palmetto Bay.

The hospital could not be reached for comment.

The Biscayne corridor, particularly the area north of 36th Street, has been seeing increased activity as of late, Chariff said.

“We’re getting so many people that are being displaced from the Design District that are in need of space, so Biscayne is a great option,” he said. “It really shows that Biscayne Boulevard, from 36th to 79th streets, is a respectable area.”

Those displacements are a relatively new trend, Chariff said, following the high-profile entries of luxury retailers, including Bulgari and Cartier, to the Design District.

Those moves are beginning to price out some tenants, according to Chariff, and more and more retailers are looking eastward to Biscayne Bay, he said.

“A lot of buildings [in the Design District] were bought, and leases were expired, and they’re not renewing new leases with anybody that’s not a national or an international luxury brand,” he said. “The people that were there previously still have good business but they’re not of that caliber.”

According to Comras, the hospital was targeting the downtown Miami area and Biscayne in particular.

“The area surrounding Midtown, the Design District, Miami Beach, everything is pointing towards downtown right now,” said Comras, who also handled last year’s lease by the Miami Arts Charter school across the street. “We’ve been very active in bringing tenants over here. We believe it’s an area of growth.”

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