The Real Deal Miami

Key Biscayne investor pays $23M for Comcast call center in Miramar

Comcast's lease runs through 2026
January 04, 2017 09:45AM

Comcast call center in Miramar. Inset: Cushman’s Dominic Montazemi, Scott O’Donnell and Greg Miller

A Key Biscayne investor picked up a Comcast call center in Miramar for $22.75 million, or $248 per square foot.

ATCG LLC bought the 91,871-square-foot operations and call center at 15800 Southwest 25th Street, a building fully occupied by Comcast, according to Cushman & Wakefield. The brokerage’s Dominic Montazemi, Executive Director Scott O’Donnell and Senior Associate Greg Miller represented the seller, Chicago-based Green Meadows Miramar LLC, along with CBRE senior vice president Tom O’Loughlin. The seller’s address matches that of Skokie, Illinois-based Dell Corp.

Records show Green Meadows Miramar LLC paid $10.13 million for the property in 2003.

The building was completed in 2000 and features a raised call center floor, renovated bathrooms, a gym, a cafeteria with seating, a backup battery generator and 650 parking spaces. The seller and Fortune 50 company also spent $3 million on improvements to the building last year. Once the buildout is completed, Comcast’s space will feature tech-oriented training rooms and labs.

Comcast’s lease runs through 2026, according to a press release.  The building sits on 11 acres within the Miramar Center Business Park.

In August, Q2 reports showed office vacancies were on the decline in Broward County, which pushed rents further up to nearly $34 per square foot for Class A space. Large leases, like Comcast, accounted for the tightening market conditions. – Katherine Kallergis