Coworking Firm Leases Entire Floor at Miami Tower
- Dec 05, 2019
CoSuite has signed a long-term lease for 14,280 square feet at 800 Brickell Ave. in Miami, where it will occupy the entire fourth floor. Avison Young represented the tenant and was retained by Gatsby Enterprises and partner MasterMind Properties, the office building’s new ownership, to handle leasing. The two companies acquired the 15-story property for $125.5 million a few months ago.
Located in downtown Miami, the Class A asset is just a mile from Interstate 94 and roughly 2 miles from Interstate 395. The property is within walking distance of restaurants, shopping centers, financial institutions and hotels. Miami International Airport is approximately 7 miles away.
Built in 1981, on nearly 2 acres, the 208,330-square-foot building features a three-story atrium, courtyard plaza, valet service and about 31,000 square feet of retail space. 800 Brickell Ave. will soon include a 12,000-square-foot dining and quick-service restaurant, which is part of a $3 million capital improvements plan.
CoSuite will bring the property’s occupancy to 85.4 percent. Miami’s office market recorded positive net absorption and healthy leasing activity during this year’s third quarter. Brickell, one of the largest Class A office submarkets in terms of inventory, posted the lowest Class A vacancy at 7.18 percent, according to Avison Young.