Cush & Wake Tapped to Lease Miami Beach Office Asset
- Sep 01, 2016
By Robert Demeter
Miami—Cushman & Wakefield has been recently named the exclusive leasing agent for 1674 and 1688 Meridian Ave., two office buildings totaling nearly 120,000 square feet located in the heart of South Beach.
Gordon Messinger, managing director with C&W will oversee leasing efforts for both buildings for the Connecticut-based owner Ivy Realty. Ivy acquired the assets in July for $49 million according to The Real Deal. The company is beginning a significant capital improvement program, including renovation of the lobbies, bathrooms and corridors as well as the build-out of spec spaces.
“1674 and 1688 Meridian Avenue offer tenants a tremendous opportunity to occupy space in one of Miami Beach’s most desirable neighborhoods,” said Messinger. “We expect heightened interest in these buildings due the commitment from Ivy Realty and its proximity to Lincoln Road.”
Built in 1961 and renovated in 1999, 1688 Meridian Ave. is a 10-story office tower that boasts a total of 89,834 rentable square feet with 9,687-square-foot floor plates, according to Yardi Matrix. The building also includes 7,600 square feet of ground-floor retail space. 1674 Meridian Ave. is a five-story office building and features 30,123 rentable square feet. Both buildings feature on-site parking.
Major tenants include Regus, which recently leased two full floors in 1688 Meridian, global modeling agency Next Model Management, and SCPF, a division of acclaimed advertising agency J. Walter Thompson Worldwide.
1674 and 1688 Meridian Ave. are located at the southwest corner of Meridian Avenue and 17th Street. The buildings are one block north of Lincoln Road Mall, a mile-long, pedestrian-only promenade.
In May, Ivy Realty acquired a five-building office portfolio in Miami, with C&W handling the negotiations and arranging financing for the assets.
Photo courtesy of Yardi Matrix