Lease roundup: PMG’s Elser, Terra’s Doral Square nab tenants

In other deals, Alliance HP has almost fully leased its One Financial Plaza in Fort Lauderdale following a frenzy for a combined 52K sf

Miami /
Oct.October 10, 2022 09:45 AM
Property Markets Group's Ryan Shear, Kevin Maloney, Dan Kaplan and Greybrook’s Peter Politis with Elser Hotel & Residences; Terra's David Martin and Doral Square (Terra, Property Markets Group, Greybrook)

Property Markets Group’s Ryan Shear, Kevin Maloney, Dan Kaplan and Greybrook’s Peter Politis with Elser Hotel & Residences; Terra’s David Martin and Doral Square (Terra, Property Markets Group, Greybrook)

Sky Technologies I The Elser Hotel & Residences I Miami

Smart-home technology firm Sky Technologies leased an office and roof signage space at one of downtown Miami’s newest towers.

Rani Kohen’s Sky Technologies will open its U.S. and international sales office next year at The Elser Hotel & Residences, where the firm also signed a 10-year roof-right lease for signage, according to a Sky news release. Sky leased 36,000 square feet, but will use roughly half of that and sublease the rest.

As part of the deal, Sky can start rent payments in 2024 and will receive a $2.3 million improvement allowance from the landlords. Publicly traded Sky has more than 60 issued and pending patents for enhancing safety and automation in buildings and the lighting industry, the release says.

New York and Miami-based Property Markets Group — led by Ryan Shear, Kevin Maloney and Dan Kaplan — and partner Greybrook, based in Toronto, completed the 49-story Elser at 398 Northeast Fifth Street this summer. The tower has 646 condos, more than 19,000 square feet of amenities, 32,000 square feet of office space and about 5,000 square feet of retail space.

Originally planned as the Society Biscayne apartment tower, PMG and Greybrook switched course this year and opted to sell the units as condos instead.

Home Goods, Pet Supermarket, more I Doral Square

David Martin’s Terra fully leased its Doral Square retail center after a deal frenzy for a combined 57,000 square feet.

The new tenants are: HomeGoods for 25,800 square feet; Pet Supermarket for 5,800 square feet; Paradise Grills for 5,000 square feet; One Medical for 4,600 square feet; First Watch for 3,800 square feet; Nacion Sushi for 3,600 square feet; El Toro Loco for 2,000 square feet; Lima Bakery for 1,500 square feet; European Wax Center for 1,400 square feet; Jersey Mike’s for 1,300 square feet; and AT&T for 1,300 square feet, according to a Terra news release.

HomeGoods is a co-anchor tenant along with UFC Gym, Marshalls and Ross Dress for Less. Others already leasing at Doral Square include Panda Express and World of Beer.

Terra completed the 150,000-square-foot Doral Square late last year on the southeast corner of Doral Boulevard and 87th Avenue. The retail center is near Codina Partners’ Downtown Doral.

Stemcor, AGI Capital I One Financial Plaza I Fort Lauderdale

Alliance HP has almost fully leased its One Financial Plaza in downtown Fort Lauderdale after deals for a combined 52,000 square feet.

The new-to-market firms to take space at the office tower are: British steel trading and distribution firm Stemcor, which leased 3,500 square feet; AGI Capital, which leased 2,000 square feet; RVM Enterprises, which leased 3,500 square feet; investment firm Rockwave Capital, which leased 1,300 square feet; Xplore Group, which leased 1,000 square feet; and personal injury law firm Meirowitz & Wasserberg, which leased 1,700 square feet, according to a release from Alliance and its broker, TCRE.

Other new tenants include brokerage and investment bank Oppenheimer, which took the entire 21st floor totaling 11,000 square feet, and law firm Silverman Schermer, which took 3,400 square feet. Both are in-market relocations, with Silverman moving from 401 East Las Olas Boulevard in Fort Lauderdale, and Oppenheimer moving from Miami, although its previous location was not disclosed.

Tenants who renewed leases include Cohen Blostein & Ayala, which expanded to 5,400 square feet; Advanced Recovery Systems; and Insperity HR Solutions, according to the release.

Laurel Oswald and Jon Blunk were part of the TCRE team that represented Alliance.

The tenant brokers were: Adam and Zach Talbot of Cresa for Stemcor; AJ Belt and Jeff Holding of Cushman & Wakefield for AGI; Steve Hyatt of Berger Commercial for RVM; Walter Robinson of Robinson Commercial for Xplore; Adam Bernstein and Barbara Black of JLL for Oppenheimer; Kim Barbar of Stiles for Silverman Schermer; Mark Goldstein of Jasper Realty for Cohen Blostein; Thomas Capocefalo of Savills for Advanced Recovery; and Zach Wendelin of CBRE for Insperity HR.

Bryn Mawr, Pennsylvania-based Alliance, founded by Clay Hamlin III and Richard Previdi, bought the 28-story One Financial at 100 Southeast Third Avenue for $81.9 million in 2019. CP Group manages the building.

The deal flurry brings One Financial’s occupancy to 92 percent.

Ellrich, Neal, Smith & Stohlman I Gardens Plaza I Palm Beach Gardens

Ellrich, Neal, Smith & Stohlman will move its headquarters, although it will stay in Palm Beach Gardens.

The accounting firm will relocate to a 10,500-square-foot space at 3300 PGA Boulevard within the Gardens Plaza in March, according to a release from the landlord’s broker. Ellrich, Neal now is at 11025 RCA Center Drive.

Kevin Probel and Kevin McCarthy of CBRE represented the Garden Plaza owner. Steve Paige of Reichel Realty and Investments represented Ellrich, Neal.

Last year, a joint venture of ABS National Business Parks bought the two-building Gardens Plaza and an adjacent developable parcel for $30.6 million.

Guident, Arete I Boca Raton Innovation Campus

Two companies signed leases at the Boca Raton Innovation Campus.

Guident, which develops software for remote monitoring of autonomous vehicles, is moving from Florida Atlantic University’s Tech Runway to 5,000 square feet at BRiC, where the firm will operate the nation’s first autonomous vehicle remote control command center, according to a release from property co-owner CP Group. Also, incident response and cybersecurity provider Arete, led by Joe Mann, took 13,500 square feet at BriC.

Jeff Kelly of CBRE represented the landlord in the deals.

CP Group, Rialto Capital Management and DRA Advisors own the 1.7 million-square-foot innovation campus that spans 123 acres at 5000 T-Rex Avenue, from West Yamato Road south to Northwest Spanish River Boulevard, and just west of I-95. DRA bought its stake in the property for $320.2 million in December.

BRiC is undergoing $100 million worth of improvements that will add a food hall, a 1,000-seat presentation hall and amenities, according to the release. In addition, plans call to morph the campus into a live-work-play hub with the construction of multifamily, a hotel, medical offices, retail and a grocery store.

IBM originally developed the innovation campus in the 1960s as its research and development facility.

Florida government agencies I Lakeshore Business Center I Fort Lauderdale

YMP Real Estate Management scored three Florida government agencies as tenants at the Lakeshore Business Center in Fort Lauderdale.

The Agency for Persons with Disabilities took 8,500 square feet, and the Department of Children and Families took 3,400 square feet at the building at 3125 West Commercial Boulevard, according to a release from YMP Real Estate’s broker. Both are 10-year deals.

The Florida Department of Corrections signed a seven-year lease for 6,600 square feet at the building at 5100 Northwest 33rd Avenue.

Donna Korn and Beau Ladwig of Cushman & Wakefield represented YMP Real Estate. David Hulsey of Tenant Brokerage Services, a CBRE subcontractor, represented the Agency for Persons with Disabilities Department and the Department of Children and Families. Mark Wilkins of Savills represented the Department of Corrections.

The Lakeshore Business Center office complex consists of four two-story buildings that total 240,000 square feet. The buildings were developed from 1986 to 2000 on 17 acres.

YMP Real Estate, based in Lauderdale Lakes, bought Lakeshore for $29.3 million in 2019. Moshe Popack leads YMP.

Goldman Sachs I Southeast Financial Center I Miami

Goldman Sachs expanded its downtown Miami office to 35,000 square feet.

The financial services firm will take the entire 52nd and 53rd floors at the Southeast Financial Center at 200 South Biscayne Boulevard, the South Florida Business Journal reported. Goldman Sachs, which has leased 17,400 square feet on half of the 37th floor since 1988, will move into the additional space once the buildout is complete in about a year.

Spanish billionaire Amancio Ortega owns the 55-story Southeast Financial Center, after paying $516.6 million for the tower in 2016.

The expansion comes amid company growth and as Miami continues to attract wealthy individuals because of Florida’s lack of a state income tax. Goldman Sachs Private Wealth Management caters to individuals with a net worth of $10 million or more.

Among the most notable migrations to Miami is billionaire hedge funder Ken Griffin, who is moving his Citadel and Citadel Securities’ headquarters to Brickell.  Not only have Griffin and Citadel been on a shopping spree in Brickell, but Griffin also set a residential price record for Miami-Dade County with his $106.9 million purchase of Adrienne Arsht’s waterfront estate in Coconut Grove, just south of Brickell.

Sound Income Group I Pinnacle Corporate Park I Fort Lauderdale

Financial services firm Sound Income Group is moving its headquarters to a bigger space, although it’s staying in Fort Lauderdale.

Sound Income leased 12,000 square feet at a Pinnacle Corporate Park building at 500 West Cypress Creek Road, according to media reports. It’s relocating from a 7,600-square-foot space at the Port Royale Financial Center at 6550 North Federal Highway. The move should be finished this week, the South Florida Business Journal reported.

Paul Marko of Avison Young represented the tenant in the deal.

David Scranton, CEO of Sound Income, also hosts “The Income Generation Show” on YouTube. The new headquarters will include a studio with three sets and remote-feed capabilities, allowing Scranton and his colleagues to interview financial experts for broadcasts.

Feldman Equities, based in Tampa, owns the two-building Pinnacle Corporate Park. It paid $58.9 million for the property last year. The second building is at 550 West Cypress Creek Road.

Jetset Modern Pilates I EON Squared I Fort Lauderdale

Jetset Modern Pilates will open its first Fort Lauderdale location in the city’s trendy Flagler Village neighborhood.

The fitness concept founded by Tamara Galinsky signed a 10-year lease for 1,700 square feet on the ground floor at the EON Squared multifamily complex’s South Towers at 421 Northeast Sixth Street, according to a release from the landlord’s broker.

Jaime Sturgis and Kaley Tuning led the Native Realty team that represented EON Squared owner Union Investment.

EON Squared consists of the South Towers and North Towers, each with a pair of 12-story buildings, totaling 476 apartments. It spans 3.7 acres.

Union Investment, a German investment manager, bought EON for $226.5 million in December.

School of Rock, Piccola Italia, more I Westend on 87th I Doral

Westend on 87th is fully leased after four tenants signed new leases at the Doral shopping center.

School of Rock, restaurant Piccola Italia, gym Impulse Body System and cigar and social lounge Sabor Havana Members Lounge took a combined 7,000 square feet at the retail center at 2600 Northwest 87th Avenue, according to a Westend on 87th release. The Sabor Havana lounge is owned by Sabor Havana Cigars, which also has a location at the shopping center.

Silvia Fernandez and other members of the Fernandez family own the one-story, 71,000-square-foot Westend, which was built in 2000 on 4.4 acres, records show.

Other tenants include Sushi Sake, Diced, Modo Furniture and Quest Diagnostics.

Wolf & Pravato, BCC Financial, more I Broward County

Broward County saw a flurry of office leases after nine tenants signed deals in Fort Lauderdale, Sunrise and other cities.

In Fort Lauderdale, law firms Wolf & Pravato renewed and downsized its space at 2101 West Commercial Boulevard. Freedland Harwin Valori renewed at 110 Southeast Sixth Street and Johnson & Martin also renewed at 500 West Cypress Creek Road, according to a release from the tenant’s broker.

Zach and Adam Talbot of Cresa represented all of the tenants.

Here are the other deals: Tech company Accelirate subleased at 440 Sawgrass Corporate Parkway in Sunrise; BCC Financial renewed and downsized its office at 3230 West Commercial Boulevard in Oakland Park; bioscience firm AB Vista expanded at 8151 Peters Road in Plantation; Community Care Plan took a new office at 6090 West Oakland Park Boulevard in Sunrise; and produce importer and exporter CarbAmericas moved to 6301 Northwest Fifth Way in Fort Lauderdale, the release says.

Finally, a global automobile manufacturer renewed its Miramar office, but the location was not disclosed.





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