Lease roundup: NYC-based Vibrant Capital Partners opens first Miami office in Brickell

FedEx Ground leased entire building at Miami 27 Business Park in Medley

1200 Brickell Avenue office building in Miami with Vibrant Capital Partners’ Volkan Kurtas and Rehan Virani (CBRE, Vibrant Capital Partners)
1200 Brickell Avenue office building in Miami with Vibrant Capital Partners’ Volkan Kurtas and Rehan Virani (CBRE, Vibrant Capital Partners)

Vibrant Capital Partners I 1200 Brickell Avenue | Miami

Vibrant Capital Partners opened an office in Miami’s Brickell Financial District, marking out-of-state financial firms’ continuing expansion to South Florida.

Vibrant Capital, an alternative credit investment manager, leased 3,000 square feet on the eighth floor of the 1200 Brickell Avenue building, with plans to expand to the penthouse in 2023, according to a news release from the tenant’s broker.

This is Vibrant’s first office outside its New York City headquarters, according to its website. Vibrant is led by founder and Managing Partner Volkan Kurtas, as well as by CEO and Managing Partner Rehan Virani.

Arden Karson of Karson & Co. and Carol Ellis-Cutler of CBRE represented Vibrant Capital in the leases.

The 235,432-square-foot, 20-story building is an office condominium. Arnhem Group LLC bought the eighth-floor space for $1.3 million in July 2021, property records show.

MDR 1200 Brickell LLC, led by entrepreneur Manuel Moratiel Llarena and other Moratiel family members, bought the penthouse space for $8.6 million in 2015, records show. The Moratiels also head Madrid-based MDR Inversiones.

South Florida has seen an influx of financial firms that are either expanding here or altogether relocating, with many opting for Brickell offices.

In December, New York-based Apollo Capital leased 24,000 square feet at 701 Brickell.

Marsh I 830 Brickell | Miami

Marsh, the insurance arm of New York-based Marsh & McLennan Companies, will consolidate its South Florida offices in the 830 Brickell high-rise that is under construction.

Marsh leased about 25,000 square feet at the tower being developed by Vladislav Doronin’s OKO Group and Cain International, according to the landlords’ broker. The tenant will consolidate its South Florida offices in the new space.

Brian Gale and Andrew Trench of Cushman & Wakefield represented OKO and Cain. Tony Jones, also of Cushman, represented Marsh.

The 55-story, 640,000-square-foot 830 Brickell is expected to be completed this year.

The building has been leasing quickly. Dublin-based aircraft owner and lessor AerCap leased the 50th floor for its first U.S. headquarters; Microsoft leased about 50,000 square feet; and private equity and growth capital firm Thomas Bravo will occupy roughly 36,500 square feet.

Canadian asset and wealth management behemoth CI Financial leased about 20,000 square feet at 830 Brickell for its U.S. headquarters in September, and opted to double its footprint in the building in February.

Although Marsh already has a South Florida presence, over the past year and a half the region has been a magnet for out-of-state financial firm expansions and relocations. The number of SEC-registered investment advisers in downtown increased by more than 35 percent in the two-year period ending in the second quarter of 2021, according to the Miami Downtown Development Authority.

FedEx Ground I Miami 27 Business Park | Medley

FedEx Ground will occupy an entire building at Duke Realty’s two-building, spec Miami 27 Business Park in Medley. 

FedEx Ground leased the 501,224-square-foot Building I at 10300 Northwest 121st Way, marking the biggest South Florida deal for Duke, according to a news release from the developer.

Dave Loudenslager of Duke, as well as Erin Byers and Steven Wasserman of Colliers International, represented the landlord in the deal.

Indianapolis, Indiana-based Duke, a logistics real estate investor and publicly traded real estate investment trust, started building Miami 27 Business Park in May on almost 35 acres. Duke bought the property in 2018 for $35.7 million.

The 221,984-square-foot Building II at 10310 Northwest 121st Way also is fully leased, according to the release.

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FedExGround will open at Building I in 2023, the company told the South Florida Business Journal. 

BayWa r.e. Solar Systems I Pompano Industrial Center

Solar energy products distributor and logistics company BayWa r.e. Solar Systems opened its first South Florida warehouse, distribution and administrative center in Pompano Beach.

BayWa leased the entire 25,300-square-foot Pompano Industrial Center building at 2151 Blount Road, according to the broker’s news release. BayWa moved in on March 1.

Matt McAllister and Chris Metzger of Cushman & Wakefield represented property owner Black Creek Group, based in Denver. Skylar Stein and Wayne Ramoski, also of Cushman, represented the tenant.

Santa Fe, New Mexico-based BayWa distributes solar and energy parts and systems in the U.S. It is a subsidiary of German retail and agribusiness conglomerate BayWa AG, based in Munich.

The Pompano Industrial Center was constructed in 1986 on 1.7 acres, property records show. Black Creek, through an affiliate, paid $2.4 million for the building in 2016.

Affiliates of Ares Management bought Black Creek Group in July 2021, according to Black Creek’s website. The firm also invests in multifamily, office and retail real estate, according to its website.

The facility has about 5,489 square feet of offices, six dock-high doors, one drive-in door, a 18-foot tall ceiling, 30-foot by 34-foot column spacing, and Early Suppression, Fast Response fire safety system, according to the release.

Accessories of Florida I Pompano Business Center

Accessories of Florida leased a 30,155-square-foot space at Building O at 2530 Northwest 19th Street in the Pompano Business Center.

The tenant is a General Motors-authorized distributor and installer of automotive accessories for markets including South Florida; Troy and Kentwood, Michigan; Bolingbrook, Illinois; and Des Moines, Iowa, according to a news release from Accessories of Florida’s broker.

Michael Feuerman and Daniel Silver of Berger Commercial Realty/Corfac International, as well as Matt Sultenfus of Avocat Group represented the tenant. Cushman & Wakefield represented the building’s owner, Chicago-based First Industrial Realty Trust.

Sprouts Farmers Market I Homestead Pavilion

Sprouts Farmers Market opened a 20,000-square-foot store at the Homestead Pavilion on Friday.

The grocer, known for health-conscious options, is at 2631 Northeast 10th Court, according to a Sprouts news release.

Eatontown, New Jersey-based Wharton Realty Group bought the Homestead Pavilion in January for $82 million.

The four-way joint venture of CREC Capital, Highline Real Estate Capital, MMG Equity Partners, and Lubert-Adler Real Estate Funds sold the 298,000-square-foot plaza. The joint venture had paid $62.2 million for the property in 2019.

Ocean Bank I The Waverly at Las Olas | Fort Lauderdale

Ocean Bank leased almost 5,500 square feet of commercial space at The Waverly at Las Olas condominium in Fort Lauderdale. 

Ocean Bank will open by the end of this year at 110 North Federal Highway, according to a news release from the attorneys who represented the landlord in the deal.

The commercial space is owned by Waverly 1 and 2 LLC, managed by accountant Elliot Kessler, according to state corporate records.

Eric Spritz and Daniel Solomon of Katz & Associates represented the site’s owner. Paco Diaz of CBRE represented Ocean Bank.