The week in leases: manufacturer renews in Medley, co-working space expands into Plantation
It’s been a busy week for South Florida’s leasing agents, with plenty of big-ticket transactions to show for their efforts.
Primesource Building Products
Primesource Building Products, a major building materials manufacturer, renewed its lease for an entire industrial building in the Flagler Station business park in Medley.
The lease covers 139,105 square feet of space at 11700 Northwest 100th Road that Primesource uses as a distribution center for everything from saw blades to screw fasteners.
Avison Young’s Wayne Schuchts and Andrew Bonner brokered the deal on behalf of Primesource.
“Demand for industrial space throughout South Florida is extremely high, particularly in Miami-Dade with absorption at nearly four times more than Broward and Palm Beach and nearly double the relative absorption, market research shows,” Schuchts said in his firm’s announcement of the lease. “As such, tenants – especially larger space users – are competing for a narrow supply of quality space, prompting a renewal trend across markets.”
Flagler Global Logistics is currently building out the last phase of its 900-acre Flagler Station development, which will eventually house 14 million square feet of leasable space once complete.
Quest Workspaces, banking on the growing popularity of co-working spaces, just expanded into Plantation with a lease valued at $4.9 million.
The deal was announced by Newmark Grubb Knight Frank’s Lance Benson, who represented Quest for its long-term 22,000-square-foot lease at 150 South Pine Island Road.
With this most recent expansion, Quest now operates more than 169,000 square feet of co-working spaces in South Florida alone. The company also has a prominent presence in New York.
The company offers flexible turn-key spaces for startups and other businesses, which rent on a monthly basis. Quest also has conference rooms that can be rented by the hour or day.
Recent years have seen an explosion of coworking companies that rent large swaths of office space, then sublease out small portions to prospective tenants. Some of the ones operating in South Florida include Büro, WeWork, Pipeline Workspaces and Regus.
Morgan & Morgan
Law firm Morgan & Morgan just inked a deal for a penthouse space in West Palm Beach, where the firm is moving its Business Trial Group.
The group will occupy a 3,766-square-foot suite at the top floor of the Northbridge Center at 515 North Flagler Drive, which was sold for $68 million to investment manager Greenfield Partners in March.
Morgan & Morgan, known as one of the country’s largest contingency-fee law firms, has 30 offices in six states. The firm founded its Business Trial Group in 2009 to deepen its coverage of commercial litigation.
Kevin Shapiro of Chancellor Property Group brokered the deal on behalf of Morgan & Morgan, while Thomas Capocefalo of Savills Studley represented the landlord.
Partners Banyan Street Capital and Oaktree Capital Management just announced they scored five new tenants at their Douglas Entrance office complex in Coral Gables.
The leases account for roughly 33,000 square feet of activity at the complex, including three leases that listing brokerage CBRE called the biggest to hit Coral Gables during 2016’s first quarter.
- DLD Laywers, a civil defense litigation firm: 12,661 square feet
- Retail Outsource, a consulting company that specializes in boosting retail sales: 10,916 square feet.
- Ink Global Media, a company that produces travel media for airlines: 6,150 square feet
- Conde Nast, parent company to media brands like Wired, Vogue and Bon Appétit: undisclosed
- Viciana & Shaffer, P.A, an accounting firm: undisclosed
Banyan and Oaktree paid nearly $101 million for the five-building office complex in 2014. The companies have since launched a multimillion-dollar renovation plan.
ACE Transport Miami
Shipping company ACE Transport Miami has inked a deal for half of Bridge Point Crossroads West, a new industrial warehouse in northwestern Miami-Dade County that’s still under construction.
The company has agreed to occupy 121,656 square feet of the 242,000-square-foot building, which is expected to open by 2016’s second quarter. According to listing agents Wayne Ramoski and Gian Rodriguez of Cushman & Wakefield, the warehouse’s proximity to transport arteries like the Turnpike was a big selling point for ACE.
Peter Garcia of the Fitzgerald Group of Fort Lauderdale represented Ace for the deal.
Bridge Point Crossroads West is just one piece of developer Bridge Development Partners’ newest industrial project in Miami-Dade. The company is also building Bridge Point Crossroads East, a two-building project with a total of 420,000 square feet that’s slated for completion by the end of this year.