Office News
Eaton Vance Buys Miami Office
Building
By Crystal Proenza (Crystal Proenza
is associate editor of Real Estate Florida.)
One Riverview Square
MIAMI-Eaton Vance Management’s real estate
investment group has acquired One Riverview Square
at 333 S Miami Ave. The Downtown office building,
which underwent renovations in 2003, is fully leased
to General Services Administration tenants,
including the Department of Homeland Security and a
division of the Social Security Administration.
Eaton Vance purchased the 147,895-sf property for
$50 million from Australian-based Rubicon America
Trust. Steve Buss, senior vice president of
investment properties for CB Richard Ellis in
Minneapolis, represented the seller.
“This was an attractive investment opportunity that
was a well-located and fully leased building with
the credit of the federal government behind it,”
Scott Patrick, Rubicon’s asset manager for the
transaction, tells GlobeSt.com. He says the fact
that there were longer duration leases in place made
the building an even more desirable asset.
“Despite the currently unsettled national real
estate market, we remain interested in acquiring
additional, long-term net-leased office, retail and
industrial properties in the United States,” says
K.C. Swartzel, director of acquisitions and
dispositions for Eaton Vance Management’s real
estate investment group.
Eaton Vance Management is subsidiary of Boston-based
Eaton Vance Corp., which currently has $152.9
billion under management. Rubicon still owns Beacon
Station, an office building at 10350 NW 112th Avenue
in Miami, along with 32 other assets around the
country. Many of those properties are also leased to
governmental agencies, according to Patrick.
MIAMI-Bilzin Sumberg Baena Price & Axelrod
LLP has signed a 10-year, 115,000-sf lease at the developing
Brickell Financial Centre—the largest agreement signed in the
South Florida office market so far this year. The total value of
the deal is $58M, with rent valued in the low-to-mid $40 per sf
range, says Danet Linares, senior vice president and director of
real estate services for Foram Group, who handled the
transaction on behalf of the landlord. Barbara Liberatore Black
and Matthew Goodman of CRESA Partners and John Kuhn from Bilzin
Sumberg represented the tenant. Janis Cheezem of Akerman
Senterfitt was the attorney representing the landlord in this
transaction.
Bilzin Sumberg Signs Lease at Brickell Financial Centre 04.18.08
(Crystal Proenza is associate editor of Real Estate Florida.)
Brickell Financial Centre is the first of the three new class A
office buildings under construction in the Downtown Miami/Brickell
market to land a major tenant. The others, Rilea Group's 1450
Brickell and MDM Development's Met 2, have yet to announce
leases.
“It means so much especially because we were the last to come
out of the ground and the first to sign out of the three new
office buildings under construction,” Linares tells GlobeSt.com.
“A lot of tenants were out there waiting to see what would
happen with the new buildings, and now we have a prestigious law
firm that has committed to moving their headquarters to our
building. It adds credibility and shows what a quality asset the
building is. There’s no stopping us now,” she beams.
As a special, surprise gift to the tenant, Foram presented a
smart car for being the first ‘smart’ tenant in the building,
which will seek LEED gold certification from the US Green
Building Council upon scheduled completion in January 2010. “We
think that the commitment to LEED energy conservation and the
commitment of the owners to the quality of the buildings, which
they intend to make their national headquarters, is
significant,” says John C. Sumberg, managing partner at Bilzin
Sumberg. Bilzin Sumberg is currently headquartered at the
Wachovia Financial Center at 200 S Biscayne Blvd in Downtown
Miami, where it occupies 85,000 sf.
Source: Globest.com
Metro 1 Properties leases ground floor of office space at The Charter Club By Susie Glass
Design District, Miami, FL - Metro 1 Properties’ President Tony Cho and commercial sales director, Tony Arellano, recently leased a 9,500sf of office space located on the ground floor of the Charter Club Building. The space leased for $23 per square foot gross. Metro 1 represented both the tenant and landlord in this transaction.
Metro 1 Properties established list of commercial real estate services includes tenant and landlord representation. A breakdown of Metro 1 Properties’ landlord and tenant representation services includes, but is not limited to leasing negotiations, tenant prospecting, product positioning, smart marketing strategies, location research, building condition and competitive property valuation marketing analysis.
Metro 1 Properties is the premiere “green” commercial real estate brokerage with a focus on sustainable urban real estate solutions, including site selection, design and marketing consultation, new construction, existing buildings, and affordable housing. Metro 1 Properties offers a one-stop shop for the socially and environmentally conscience customer by providing essentially everything one would need perform under LEED standards. For more information on Metro 1 Properties please visit www.metro1properties.com or call the Metro 1 Properties office at 305.571.9991.
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Metro 1 Properties is the premiere “green” commercial real
estate brokerage with a focus on sustainable urban real estate
solutions, including site selection, design and marketing
consultation, new construction, existing buildings, and
affordable housing. Metro 1 Properties offers a one-stop shop
for the socially and environmentally conscience customer by
providing essentially everything one would need perform under
LEED standards. For more information on Metro 1 Properties
please visit www.metro1properties.com or call the Metro 1
Properties office at 305.571.9991.
What is considered an office building?
The primary intended use of an office building is to house
employees of companies that produce a product or service
primarily for support services such as administration,
accounting, marketing, information processing and dissemination,
consulting, human resources management, financial and insurance
services, educational and medical services, and other
professional services. Office buildings are characterized by
work efficient floor plans, work areas, comfortable heating and
cooling, cabling for phones and computers, and other
conveniences that allow people conduct business. The interior
finish and the structural design of the building supports the
activities of the employees. Office buildings are typically
configured for high density use, with a ratio of people to
square footage in the 150 to 300 or more range and less than 25%
of the demised floor space allocated to industrial or retail
use. Some physical characteristics of a building may assist in
classifying the property as "office" if the property's use is
not apparent.
Source: www.costar.com
