Miami Office Space is Making a Comeback
Stonerock Capital Partners is Changing the Landscape of Miami Office Space With an Integrative Lifestyle Approach
MIAMI, November 2, 2022 (Newswire.com) - Stonerock Capital Partners has begun accepting leasing inquiries at 200 SE First Street and 44 W Flagler Street, the twin office buildings they acquired this year. The buildings include modern, move-in-ready spec suites, controlled access, 24/7 security, touchless systems, state-of-the-art fitness centers, and sleek conference centers. Both properties are also centrally located, with easy access to public transportation.
Over the past few years, Miami has matured as a major metropolitan area, with a wave of corporate relocations, especially fintech, financial services, banking, and private equity firms. With the increasing population and demand for office space, Downtown Miami, nestled just north of the thriving Brickell financial district, is undergoing a revival. The corridor along Biscayne Boulevard already boasts some of Miami's most expensive residential towers.
According to Avison Young research, Downtown Miami has seen several new-to-market tenants contributing to 152,171 square feet of net absorption for the year to date, more than any other Miami submarket. The activity has pushed vacancy down faster downtown than in Miami overall, a trend that is likely to continue as more firms execute return-to-office strategies.
"Miami has achieved an incredible level of sophistication, but, when looking at the market, we found that many buildings are failing to cater to tenant needs. Companies are bringing employees back to the office and need enticing spaces and accessible locations. At 44 and 200, we've partnered with top designers to create beautiful offices, ensure swift turnaround on tenant improvements, and offer a thoughtful package of upgraded lifestyle amenities," says Stonerock CEO Jake Handelsman
Stonerock has begun the implementation of its renovation plan, creating two distinct experiences for companies to choose from.
"Well-located downtown office buildings with quality amenities and retail have proven to be more attractive to workers," said Donna Abood, Principal and Managing Director of Avison Young's Miami office whose team will spearhead leasing at 200 Southeast First and 44 West. "Additionally, move-in-ready office suites set these buildings apart as Downtown Miami continues to see increased interest from relocating tenants."
200 SE First Street is a 12-story building with ground-floor retail. The company has approved plans for a complete facade remodel. Designed by upscale YF Designers, the new facade will better reflect the building's newly renovated modern minimalist interior. As well, Stonerock has revitalized the building's data center, giving the local market access to expanded data capacity.
44 W Flagler Street is a 25-story office tower anchored by First Horizon Bank, directly across the street from the Miami-Dade County Courthouse. Aside from quality tenant improvement plans, Stonerock has implemented a parking plan and added touchless systems and controlled access.
The company has retained a unionized cleaning company to service both buildings, contributing to a high-quality, pristine office solution.
Stonerock is committed to sustainability and has incorporated green materials and energy-efficient features such as LED lighting and touchless systems.
For leasing inquiries, you can contact Donna Abood, Joe Abood and Peyton Dowd with Avison Young at 305 447 7861.
Source: Stonerock Capital