The Real Deal Miami

SoFla lease roundup: Intech leaving CityPlace West Palm for One Clearlake Centre & more

Walmart is leasing an entire warehouse in Doral
By Amanda Rabines | October 08, 2018 09:45AM

One Clearlake Centre in West Palm Beach

Intech HQ to relocate to One Clearlake Centre in West Palm Beach

Global investment management firm Intech is making a big transfer.

The company is planning to move its headquarters out of Related Companies’ CityPlace Tower and into the 221,000-square-foot One Clearlake Centre office high-rise in West Palm Beach.

Intech inked a 25,000-square-foot lease and will be filling up the tower’s top two-floors, according to a press release. The deal also gives the company exterior signage. The firm, which has about $50 billion under its management, is scheduled to occupy its new space by September 2019.

The lease brings the 19-story office tower at 250 South Australian Avenue to 68 percent leased, with asking rents in the tower ranging from $40 per square foot to $45 per square foot, CREC’s leasing director Mark Goldstein said. Other tenants in the building include Richman Greer law firm, Rosenbaum Mollengarden PLLC, BB&T, Prudential and Northwestern Mutual.

Built in 1986, One Clearlake Centre includes a five-story, 662-space parking garage. CREC’s Carol Greenberg Brooks, Goldstein and Robert Dabrowski oversee leasing and management of the property.

Velocis, a private equity real estate manager, paid $42.3 million for the property in July with CREC. The joint venture invested millions into renovating the building, including revamping its lobby areas, corridors and bathrooms. The partnership also added a creative tenant lounge and offers tenants a new wellness program.

Bass Elements, others secure leases near Miami airport

Commercial 1 Realty just arranged more than 40,000 square feet of industrial leases in the Miami airport submarket valued at $1.9 million.

Bass Elements secured a 10,800-square-foot lease at Skyway Center at 6910 Northwest 12th Street, bringing the 200,530-square-foot building to full occupancy. The company manufactures and supplies aluminum frames and film for movie theaters.

Jesus Cortes of Commercial 1 Realty represented the tenant. Andrew Fernandez of CBRE represented the landlord, which records show is a company tied to Peter Lawrence Commercial Real Estate, Inc.

Daily Freight International Services renewed its 20,000-square-foot lease at Miami International Commerce Center for an additional five years at 1300 Northwest 78th Avenue in Doral. Cortes of Commercial 1 Realty represented the tenant. Jorge Suarez of MICC represented the landlord, PS Business Parks.

Furniture cushion manufacturer, Custom Craft, leased 10,000 square feet of industrial space at 7295 Northwest 64th Street. The 49,420-square-foot building is now fully leased. Cortes represented the tenant and Fernandez represented the landlord, Lesteiro & Sons.

Walmart fills up Doral warehouse

Walmart Inc. just signed a lease for 56,800 square feet in Doral. The retail giant will take the entire warehouse at 1430 Northwest 88th Avenue. Easton & Associates’ Jim Armstrong and Mike Waite represented the tenant.

Terreno Realty Corporation, a San Francisco-based public real estate investment trust, is the landlord. Records show it bought the warehouse as part of a larger portfolio sale in 2013 for $23.7 million.