Lennar Renews and Expands Global HQ at Corporate Center
- May 04, 2012
By Georgiana Mihaila, Associate Editor
The Miami Airport West submarket has not been too kind to Class B office properties—as the current vacancy rate of 24 percent shows. Yet the Lennar Corporate Center has successfully managed to stand out, even more so after the recent lease renewal and expansion of its anchor tenant—Lennar Corporation.
Lennar Corporation, along with its subsidiary, Rialto, has renewed its lease at Lennar Corporate Center office park and expanded it to 120,000 square feet. The long-term lease, which includes office space at 700, 730 and 790 NW 107 Avenue, is among the largest office leases signed in South Florida over the past year. With this renewal and expansion, Lennar boosted its occupancy by approximately 30,000 square feet, edging the Corporate Center’s current occupancy rate to 93 percent.
“As one of Miami-Dade county’s largest office users, Lennar Corporation had an opportunity to relocate its global headquarters to any number of properties, instead choosing to expand at Lennar Corporate Center,” said CREC Vice President Douglas Okun. “Lennar’s decision to remain in place and take more space is a big boost for the asset and a strong sign that office space in the Airport West submarket is in high demand among premium tenants.”
Located at the intersection of 107th Avenue and the 836 Expressway, the 285,000-square-foot Lennar Corporate Center offers direct access to Miami’s major thoroughfares, the region’s growing residential communities and Miami International Airport. Offering gated security, an on-site fitness center and café, free parking for tenants and renovated lobbies and elevators, Lennar Corporate Center’s office rates range from $23 to $26 per square foot. Current tenants include General Electric, Komatsu, Maersk and Liberty Mutual Insurance, among others.
CREC Principal David Moret and Vice President Douglas Okun represented landlord Colony Realty Partners in the transaction. Patrick M. Duffy and Jon Bourbeau of Newmark Knight Frank represented Lennar Corporation and Rialto.
Photo Credits: Schwartz Media Strategies
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