Lease roundup: Terranova, Millennium, R&B, Duke nab tenants

In other deals, Dan Kodsi’s real estate investment firm Participant Capital moved its HQ to downtown Miami’s Wells Fargo Center

View of the buildings at 612, 817 and 815 Lincoln Road in Miami Beach and Terranova’s Stephen Bittel (Google Maps, Terranova Corp)
View of the buildings at 612, 817 and 815 Lincoln Road in Miami Beach and Terranova’s Stephen Bittel (Google Maps, Terranova Corp)

Callista Couture, Unfashional I Lincoln Road I Miami Beach

In another example of New York businesses’ migration to South Florida, two retailers are making their debut with new stores on Miami Beach’s Lincoln Road.

Stephen Bittel’s Terranova, among the biggest landlords on the shopping and dining pedestrian street, signed Callista Couture for 1,200 square feet at 612 Lincoln Road, as well as Unfashional for over 1,500 square feet at 817 Lincoln Road, with an additional 1,700-square-foot pop-up space at 815 Lincoln Road, according to the landlord’s news release.

The buildings are part of Terranova’s seven-property portfolio spanning roughly 140,000 square feet along Lincoln Road. The company is based in Miami Beach.

Lincoln spans eight blocks and has 281 businesses, 65 restaurants, more than 800,000 square feet of retail space, according to the release. It includes over 1 million square feet of offices.

Silicon Valley Bank, MFS Investment Management I Four Seasons Hotel and Tower I Miami

Millennium Partners has fully leased the office portion at the Four Seasons Hotel and Tower in Miami’s Brickell.

Silicon Valley Bank, a subsidiary of SVB Financial Group, will move into 8,600 square feet on the 15th floor at the office building at 1441 Brickell Avenue in the second quarter of next year, according to a news release from the owner’s broker. Investment manager MFS Investment Management will move into 2,300 square feet, also on the 15th floor, by year-end.

In total, 19,000 square feet of new leases were signed, although the other tenants were not identified.

Gordon Messinger of CBRE represented Millennium Partners. Jenny Turner and Bob Orban of Cresa Partners represented Silicon Valley Bank. Carlyle Coffin of Newmark represented MFS Investment.

Millennium Partners completed the 70-story Four Seasons in 2003, with a 221-key hotel and 84 condo-hotel units on the lower floors and 186 condos on floors 40 to 70, according to the developer’s website and property records.

Millennium still owns the 250,000 square feet of office space but sold the hotel to Westbrook Partners, as part of a three-hotel deal that closed over a decade ago. Last summer, Fort Partners purchased the hotel from Westbrook for roughly $130 million.

Millennium’s founding partners are Christopher Jeffries, Philip Aarons and Philip Lovett, according to the company’s website.

Mindspace I The Gateway at Wynwood I Miami

R&B Realty Group leased the entire sixth floor at its The Gateway at Wynwood building to flexible office provider Mindspace.

Mindspace is set to open in the spring in a 30,000-square-foot space, where it will set up 435 workstations, according to an R&B news release. The workspace provider has roughly 40 locations across 20 cities globally. Dan Zakai is CEO.

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Stephen Rutchik and Tom Farmer led the Colliers team that represented the landlord.

New York-based R&B Realty completed the 13-story The Gateway at 2916 North Miami Avenue in Miami’s Wynwood neighborhood late last year. Aron Rosenberg leads R & B.

The lease comes on the heels of a slew of tenants taking out square footage at the building. Marcus & Millichap leased 12,000 square feet on the seventh floor for its new Miami office.

Tech e-commerce firm OpenStore — backed by Founders Fund’s Keith Rabois, Atomic’s Jack Abraham and AppNexus’ Michael Rubenstein — was the first tenant to move in the building in January. It first leased over 14,000 square feet and later expanded its footprint to more than 40,000 square feet in the spring.

Participant Capital Advisors I Wells Fargo Center I Miami

Participant Capital Advisors, an affiliate of Dan Kodsi’s Royal Palm Companies, moved its headquarters to the Wells Fargo Center in downtown Miami.

Participant Capital expanded to 18,500 square feet on the 30th floor at the tower at 333 Southeast Second Avenue, allowing for planned company growth, according to a company news release. Participant’s previous headquarters was at 1010 Northeast Second Avenue, also in downtown Miami.

The real estate investment firm, which lists Kodsi as its CEO, allows wealth managers and their clients to take part in ground-up projects. It’s a principal investor in several of Miami-based Royal Palm’s projects, including the $440 million Legacy Hotel & Residences development at downtown’s Miami Worldcenter. Construction started a year ago on the 50-story Legacy, which will have 310 branded condominiums atop a 219-key hotel.

The 47-story Wells Fargo Center, completed in 2010, is part of the Metropolitan Miami complex and is attached to a JW Marriott Marquis hotel. The complex includes a condominium tower.

Kinship PACE of South Florida I Westport Business Park I Davie

Elderly health care provider Kinship PACE of South Florida leased space at Duke Realty’s Westport Business Park in Davie.

Kinship PACE took 22,000 square feet under a 13-year term at 2555 Davie Road, according to a news release from the tenant’s broker.

Donna Korn and Beau Ladwig of Cushman & Wakefield represented the tenant. Lauren Pace of Duke Realty represented the landlord.

Kinship Health partners with PACE, or Medicare and Medicaid’s Program of All-Inclusive Care for the Elderly, to help senior residents meet their health care needs in their homes instead of going to a nursing home, according to the release, as well as the websites for Kinship and PACE. The Davie location will service more than 300 elderly residents.

Indianapolis, Indiana-based Duke Realty owns the three-building, roughly 200,000-square-foot Westport Business Park, which has flex office, warehouse and distribution space, according to the release and records. It was built in 1990 on 12.3 acres.

Duke, through an affiliate, paid $15.9 million for Westport in 2011.