BLANCA COMMERCIAL REAL ESTATE AND WEWORK ANNOUNCE AN EXCLUSIVE BROKERAGE PARTNERSHIP IN MIAMI

Blanca Commercial Real Estate to Lease 480,000 square feet in seven WeWork Locations

 

Miami, FL, March 5, 2021 – Today, Blanca Commercial Real Estate announced it has been selected as the exclusive broker for WeWork, a global leader in flexible space solutions, in seven locations throughout Miami.

Ranging from individual suites, to private floors, to entire buildings, the greater Miami area WeWork portfolio includes:

  • Brickell City Center in Brickell – 79,000 SF
  • Southeast Financial Center in Downtown – 89,000 SF
  • Wynwood Garage in Wynwood – 30,000 SF
  • Giralda Place in Coral Gables – 57,000 SF
  • 2222 Ponce de Leon in Coral Gables – 35,000 SF
  • 429 Lenox Avenue in Miami Beach – 44,000 SF
  • 830 Brickell Plaza in Brickell – 147,000 SF (opening ~2023)

In today’s dynamic workplace environment, flexibility is the top priority for many companies looking for workspace. WeWork offers flexible lease terms and move-in ready space complete with meeting rooms, on-site staff, unique common areas, phone booths, stocked kitchens and business-class office amenities including printers and wireless connection. Additionally, tenants have access to the amenities that are unique to each building, such as fitness centers, bike rooms and on-site parking.

Over the past year, WeWork has invested in updating their entire portfolio of over 700 buildings to adjust for social distancing protocol and enhanced safety features. Because of these efforts, WeWork’s health and safety measures, response plans and space modifications have been independently audited and endorsed by Bureau Veritas, and the company has been awarded a certificate of conformity.

“We are thrilled to launch a collaborative effort with WeWork to meet the office space requirements of anyone looking to establish or expand operations in South Florida. WeWork’s exceptional inventory of office space is an ideal choice for companies and entrepreneurs who can benefit from deploying the fully stocked and furnished, ready-for-occupancy workspace and complete array of concierge style office services and community networking that WeWork can provide on an immediate basis.” said Tere Blanca, Chairman & CEO of Blanca Commercial Real Estate.

The Blanca Commercial Real Estate leasing team for the Miami WeWork locations is led by Executive Vice President David M. Valdez and Associate Alex Marquez with strategic support by Chief Executive Officer Tere Blanca. For more information about office leasing, please contact david.valdez@blancacre.com or alex.marquez@blancacre.com.

 

About WeWork:

WeWork is a global leader in flexible space, providing businesses of all sizes with the space, community, and services they need to run and grow their business. With 859 locations, in 151 cities in 38 countries across the world, WeWork delivers flexible space solutions to its 542,000 members worldwide.

 

About Blanca Commercial Real Estate

Blanca Commercial Real Estate, the leading independently owned commercial real estate brokerage firm in Florida, provides a complete range of brokerage and advisory services to owners and users of commercial real estate. Established in 2009, the firm is noted for delivering distinct client value through a personalized approach, unique methodology, data-driven insight, vast network and deep community engagement. Practice areas include landlord representation, property management, development consulting, tenant representation, tenant community services, build-to-suit advisory services, and land/investment property acquisition and disposition. For more information, visit www.blancacre.com.

STYLISH ON MAIN

A new downtown development offers more urban living, some of the city’s most modern office space – and a new grocery store.

 

FORT LAUDERDALE MAGAZINE,– January 4, 2021

Potential central Fort Lauderdale residents want Flagler Village-style options south of Broward Boulevard, in the heart of downtown. Potential office tenants want state-of-the-art amenities and facilities that give employees the options they want. The increasing number of people living downtown want a supermarket right where they live.

Broadly, these were the ideas that led the Stiles Corporation to a new downtown development that could be said to be ambitious, even by their standards. The Main Las Olas, a 1.4-million-square-foot mixed-use development on East Las Olas Boulevard near SE Second Avenue, includes a 27-story tower, 341 residential units at a mixture of price points, and retail including a GreenWise Market.

The first residents began moving into Novo Las Olas, the development’s residential side, in late November. As this story was being written, GreenWise was aiming for a late December opening, and Stiles was considering retail tenants for the Las Olas side of the development.

People at Stiles have been thinking about a project like this for some time – and believe that now is the right time to make it happen.

“The vision of this project started 8 to 10 years ago,” Stiles CEO and board director Ken Stiles says. “We’ve put a lot of thought into it. We looked into the downtown market. We felt like it was the right time…for a new building to be built.”

Though just one of a number of tenants, the GreenWise Market is a key part of the development. Owned by Publix, GreenWise locations tend to be smaller – like this one, often on the ground floor of buildings rather than standalone Publix supermarkets.

“With the GreenWise concept, it’s not your traditional Publix,” Stiles says. “It will have your regular groceries, but for a lot of it, it will be prepared foods” like a Whole Foods or a Fresh Market.

Photography: Stiles.

“Our relationship with Publix has been great over the years,” Stiles says. “I think we’ve developed 41 Publixes throughout the Southeast. In the last six years, they really wanted a location around downtown.”

Stiles looked around Flagler Village, but with so much multistory residential being built there, it was never going to work financially to find a spot for a standalone Publix, Stiles says. A GreenWise sounded like the better option for central Fort Lauderdale. When Publix looked at the area’s demographics – the increasing number of people living downtown, within walking distance to work and entertainment – they liked what they saw.

“If we’d suggested this 10 years ago, I don’t think they would have agreed,” he says. “They felt they had the walkability to move forward for it.”

Photography: Stiles.

A supermarket in the building is also a great offer for attracting tenants. “We felt that it’s going to be the biggest amenity, and also the hype,” Stiles says. He thinks residents will also be attracted by what goes in on the Las Olas side, although they’re still looking at exactly what that is going to be.

“On the Las Olas side, we’ve got a lot of interest,” he says. “We’re just kicking around what we’re going to do there – whether it’s going to be more restaurant related, social, or a bank, which we’ve considered as well.”

The apartments themselves have a number of different price points, with the least expensive coming in at less than $1,800 a month.

Photography: Stiles.

“This was really the (question) from the beginning – how do we build a downtown building for the resident who lives in Flagler Village? Give somebody south of Broward something with a grocery store, something walkable,” Stiles says. “That’s how the design really came about.”

It feels different from other Stiles projects. “It’s got a more edgy feeling, I would say,” Stiles says. “It’s a lot more exposed concrete; we’ve got graffiti artists going in to add art to it.” That said, it’s also got amenities like a pool deck and grilling/socializing spaces. Social spaces are also a big part of the development’s other component, its office space.

There have been hardly any new office buildings built in downtown Fort Lauderdale in the last couple decades, Stiles notes, and when they were thinking about this one, he and several others flew around the country looking at other new office developments.

“The glass is a perfect example,” he says. “We wanted a different look than we’ve done in the past.” The only place that the non-glassy, transparent glazing system they wanted had been used was in one building in Denver, which they looked at.“That was one of the first differences we did on the aesthetic side of it.”

Meanwhile the 14-foot slab for a floor meant 12-foot glass in the offices. “And it has been a wow factor when tenants have toured the space,” he says.

Photography: Stiles.

They also took some of what they’d learned about residential developments and incorporated it into the office side. That means a residential-style lounge or amenity area, outdoor bar and firepit, patio and breakout spaces with a living room feel.

There’s also a gym, showers and a bike storage system. They felt it was important for the gym to have shower facilities for those who want to cycle to work, have a jog at lunch or work out before going to work.

It’s all part of an ongoing activation of the downtown portion of Las Olas. Twenty years ago, Stiles notes, the part of Las Olas that anyone not working there wanted to visit ended at the tunnel. Eventually restaurants spread out – but then Third Avenue became the kind-of cutoff. Now downtown is becoming one uninterrupted space.

“It’s not just our project but all the projects there,” Stiles says, “that are really activating that part of Las Olas.”

BLACKSTONE’S TECHNOLOGY & INNOVATIONS TEAM CLOSES LEASE AT SHORENSTEIN’S 2 MIAMICENTRAL

MEDIA CONTACT:

Deidre Krause

NewStar Media

dkrause@newstarmedia.com 

305.710.8500

 

BLACKSTONE’S TECHNOLOGY & INNOVATIONS TEAM CLOSES LEASE AT SHORENSTEIN’S 2 MIAMICENTRAL

 

NEW YORK and SAN FRANCISCO and MIAMI,– January 4, 2021 – Blanca Commercial Real Estate,

 Shorenstein Properties, LLC (“Shorenstein”), an owner and operator of high-quality office, residential and mixed-use properties across the U.S., today announced that Blackstone (NYSE:BX) has signed a 41,000-square-foot lease at 2 MiamiCentral in Downtown Miami. Blackstone intends to create a new office to expand the firm’s in-house technology capabilities with plans to hire more than 200 tech-focused employees in Miami in the coming years.

Following today’s announcement, 2 MiamiCentral is now 98 percent leased to a diverse base of national, institutional tenants including Carlton Fields, Ernst & Young and New Fortress Energy. The building is located in Miami’s thriving downtown district, immediately adjacent to the MiamiCentral train station.

Miami is a vibrant city with a pipeline of top technology talent available from best in class university programs, as well as an experienced workforce that will enable us to diversify our talent pool and grow our technology team. 2 MiamiCentral’s prime downtown location and access to mass transit make it an ideal office location,” said John Stecher, Blackstone’s Chief Technology Officer.

“Shorenstein is pleased to welcome Blackstone to 2 MiamiCentral and Downtown Miami,” said Claude Esposito, Vice President, Capital Transactions at Shorenstein. “South Florida has long been a strategic focus for Shorenstein, and Blackstone’s commitment to 2 MiamiCentral is a testament to the property’s distinct features and desirable, transit-oriented location. As the working world continues to evolve, we remain focused on providing our tenants with high-quality office spaces that are equipped with cutting edge technology to prioritize safety and sustainability.”

Shorenstein’s ownership of properties in South Florida also includes The Main Las Olas in Downtown Fort Lauderdale, a newly delivered mixed-use development that includes a 25-story, 385,000-square-foot Class A office building that is currently leasing to prospective tenants. In addition to the property’s amenities, which include covered and uncovered outdoor terraces with ocean views, club rooms, lounges, flex multipurpose spaces and a state-of-the-art fitness center, The Main Las Olas’ adjacent residential tower, Novo Las Olas, will have Fort Lauderdale’s first Publix GreenWise on its ground floor. Publix GreenWise is a grocer that offers a variety of organic, natural and specialty groceries including a hot bar with ready-to-go items.

“This is an exciting deal that comes as Miami sees a wave of new-to-market activity. The South Florida office market is thriving and continues to attract world class tenants such as Blackstone,” said Danet Linares, Vice Chairman of Blanca Commercial Real Estate. “This deal affirms South Florida’s position as the technology hub in the southeast.”

Financial terms of the lease were not disclosed. Blackstone was represented by Alan Kleber and Ryan Nunes of JLL. Shorenstein was represented by Danet Linares of Blanca Commercial Real Estate with support from Andres del Corral and CEO Tere Blanca.

About Blanca Commercial Real Estate
Blanca Commercial Real Estate, the leading independently owned commercial real estate brokerage firm in Florida, provides a complete range of brokerage and advisory services to owners and users of commercial real estate. Established in 2009, the firm is noted for delivering distinct client value through a personalized approach, unique methodology, data-driven insight, vast network and deep community engagement. Practice areas include landlord representation, property management, development consulting, tenant representation, build-to-suit advisory services, and land/investment property acquisition and disposition. For more information, visit www.blancacre.com.

About Shorenstein Properties LLC
Founded in 1924, Shorenstein Properties LLC is a privately-owned, real estate firm that owns and operates high-quality office, residential and mixed-use properties across the U.S., with offices in San Francisco and New York. Since 1992, Shorenstein has sponsored twelve closed-end investment funds with total equity commitments of $8.8 billion, of which Shorenstein committed $723.5 million. The firm uses its integrated investment and operating capabilities to take advantage of opportunities that, at the particular time in the investment cycle, offer the most attractive returns. Investments have included ground-up developments, asset repositioning and stabilized assets; investment structures have included asset acquisitions, mezzanine loans, preferred equity investments and structured joint ventures. These funds have invested in properties totaling 67 million square feet in transactions with a gross investment value in excess of $16 billion. More information is available at www.shorenstein.com.

CITIGROUP CENTER SELECTS BLANCA COMMERCIAL REAL ESTATE AS EXCLUSIVE LEASING AGENT

MEDIA CONTACT:

Kris Conesa

Roar Media

kris@roarmedia.com

(305) 403-2080, Ext. 115

 

CITIGROUP CENTER SELECTS BLANCA COMMERCIAL REAL ESTATE AS EXCLUSIVE LEASING AGENT

 

MIAMI – September 24, 2020Blanca Commercial Real Estate,

Florida’s leading independently owned commercial real estate brokerage firm, today announced that it has been selected as the exclusive leasing agent for Citigroup Center, located at 201 S. Biscayne Blvd., Miami, FL 33131, in downtown Miami. The move comes as the building recently completed a $20 million renovation, enhancing the building’s entrance, lobby, common areas, amenities, and the valet arrival area.

The iconic, 34-story, Class A office tower with 813,000 square feet of leasable space, features some of the most spectacular, unobstructed, panoramic views of Biscayne Bay and Bayfront Park. Citigroup Center is owned by Crocker Partners, a premier owner-operator and developer of commercial real estate throughout the Southeast and Southwest U.S., and the largest office landlord in Florida.

Citigroup Center also offers a remarkable set of amenities including on-demand tenant services via a mobile app and virtual platform, an exclusive tenant lounge, state-of-the-art conference facilities and flexible meeting rooms, along with diverse on-site dining options. The high-rise building also connects to the iconic Miami Intercontinental Hotel giving tenants access to concierge services, a top-of-the-line fitness center, and restaurants.  Additionally, Citigroup Center offers the highest efficiency in space utilization within the marketplace, allowing tenants to maximize their space utilization to effectively manage their occupancy costs. The building is also the only Class A Office tower on the east side of Biscayne Boulevard offering direct access to Bayfront Park and waterfront walking paths.

The Blanca leasing team at Citigroup Center is led by Blanca’s Executive Vice President Randy Carballo with support from Blanca’s Associate Nicole Kaiser while under the strategic leadership of Blanca.

More information and lease opportunities at Citigroup Center are available by contacting Blanca Commercial Real Estate at (305) 577-8850.


About Blanca Commercial Real Estate

Blanca Commercial Real Estate, the leading independently owned commercial real estate brokerage firm in Florida, provides a complete range of brokerage and advisory services to owners and users of commercial real estate. Established in 2009, the firm is noted for delivering distinct client value through a personalized approach, unique methodology, data-driven insight, vast network and deep community engagement. Practice areas include landlord representation, property management, development consulting, tenant representation, build-to-suit advisory services, and land/investment property acquisition and disposition. For more information, visit www.blancacre.com.


About Crocker Partners

Active in the commercial real estate business for over 35 years, Crocker Partners has established a reputation as a premier owner, operator, and developer of office and mixed-use projects throughout the Southeast and Southwest United States. Since 1986, Crocker Partners has acquired and managed over 154 properties, totaling 45.9 million square feet and representing $5.4 billion invested. They are currently Florida’s largest office landlord and rank 39th largest in the United States. Headquartered in Boca Raton, Florida, they have regional offices in Miami, Jacksonville, and Atlanta.

BLANCA COMMERCIAL REAL ESTATE SELECTED AS EXCLUSIVE LEASING AGENT FOR THE MAIN LAS OLAS

MEDIA CONTACT:

Kris Conesa

Roar Media

kris@roarmedia.com

(305) 403-2080, Ext. 115

 

BLANCA COMMERCIAL REAL ESTATE SELECTED AS EXCLUSIVE LEASING AGENT FOR THE MAIN LAS OLAS

 

MIAMI – September 15, 2020Blanca Commercial Real Estate, Florida’s leading independently owned commercial real estate brokerage firm, today announced that it has been selected as the exclusive leasing agent for The Main Las Olas, located at 201 E. Las Olas, in downtown Ft. Lauderdale.

Spanning a full city block and slated to deliver in November 2020, the project redefines the city’s epicenter with 1.4 million SF of mixed-use office, residential and retail space that stands alone across South Florida as nothing short of revolutionary. Combining a dramatic and stunning 25-story all-glass design by nationally acclaimed architecture firm Cooper Cary with world-class leading amenities, The Main Las Olas offers nearly 370,000 SF of office space with expansive 12-foot, floor-to-ceiling windows that allow for maximum light, volume, and transparency. Connected to a luxury apartment tower with a Publix GreenWise grocer on the ground floor, the office tower’s outdoor and indoor amenity spaces, conference centers and fitness center rival even the most cutting-edge office spaces found across the region.

“We are delighted to be awarded an assignment as remarkable and dynamic as The Main Las Olas,” said Tere Blanca, Chairman and Chief Executive Officer of Blanca Commercial Real Estate. “Considering its design, amenities, central location, and proximity to mass transit and travel corridors, the work done by Shorenstein and Stiles at The Main Las Olas has given Ft. Lauderdale a premier trophy office project that will no doubt draw quality companies across various industries from the South Florida region. It will also be of great appeal to companies looking to move their headquarters to Florida or open new satellite offices.”

The Main Las Olas offers a compelling range of amenities totaling 11,012 SF for its prospective tenants. They include a full-fledged fitness center, office lounges and conference centers, all found on a beautifully appointed 3,303 SF amenity deck and wraparound “Sky Deck” that features panoramic views of Las Olas.
LEED Gold-certified and with a focus on environmental consciousness and the wellness of its occupants, tenants at The Main Las Olas will also enjoy energy efficient, touchless fixtures, electric vehicle charging stations, and a state-of-the-art ionized air filtration system that helps eliminate airborne virus, allergens, and mold particles. The building is inspired by the vibrant culture and energy found in the Las Olas neighborhood and is proximate to the Brightline Ft. Lauderdale Station, which allows it to easily connect with Miami-Dade and Palm Beach, offering tenants the ability to attract and retain top talent from all three counties.

Tenants at The Main Las Olas include the law firms of Akerman and Berger Singerman and holding company BBX Capital.

“Blanca Commercial Real Estate’s stellar reputation and track record in South Florida speaks for itself,” said Stiles President Scott MacLaren. “We look forward to working closely with their team on our overall leasing strategy as we near completion of this iconic project on Las Olas.”

The Blanca leasing team at The Main Las Olas includes Vice Chairman Danet Linares, Associate Sky Jones with strategic leadership from Tere Blanca.
More information and lease opportunities at The Main Las Olas are available by contacting the leasing team at Blanca Commercial Real Estate at (305) 577-8850.


About Blanca Commercial Real Estate

Blanca Commercial Real Estate, the leading independently owned commercial real estate brokerage firm in Florida, provides a complete range of brokerage and advisory services to owners and users of commercial real estate. Established in 2009, the firm is noted for delivering distinct client value through a personalized approach, unique methodology, data-driven insight, vast network and deep community engagement. Practice areas include landlord representation, property management, development consulting, tenant representation, build-to-suit advisory services, and land/investment property acquisition and disposition. For more information, visit www.blancacre.com.


About Shorenstein

Founded in 1924, Shorenstein approaches real estate as a dynamic business driven by ever-changing tenant requirements, demographic trends, technological innovation, and global capital flows. Shorenstein is a privately-owned real estate firm that owns and operates high-quality office, residential and mixed-use properties across the U.S., with offices in San Francisco and New York. Shorenstein currently manages assets totaling more than 23 million square feet and valued at over $9 billion.


About Stiles

Stiles has shaped the downtown Ft. Lauderdale skyline for nearly seven decades, creating a legacy of development that is unrivalled. Established in 1951, Stiles is a full-service commercial real estate firm with a clear mission: Invest. Build. Manage. Stiles services include development, construction, tenant project management, brokerage, property management, architecture, asset management, acquisitions, and financing. They are recognized for developing and constructing more than 48 million square feet of award-winning office, industrial, retail, and mixed-use properties as well as luxury residential communities throughout the Southeast, with offices in Florida, North Carolina, and Tennessee.

BLANCA COMMERCIAL REAL ESTATE ADDS SKY JONES AS ASSOCIATE IN BROKERAGE SERVICES AND KATRINA MIRAZO AS LEASING AND MARKETING COORDINATOR

MEDIA CONTACT:

Kris Conesa

Roar Media

kris@roarmedia.com

(305) 403-2080, Ext. 115

 

BLANCA COMMERCIAL REAL ESTATE ADDS SKY JONES AS ASSOCIATE IN BROKERAGE SERVICES AND KATRINA MIRAZO AS LEASING AND MARKETING COORDINATOR

 

MIAMI – June 23, 2020Blanca Commercial Real Estate, Florida’s leading independently owned commercial real estate brokerage firm, today announced that Sky Jones has joined the firm as an Associate and Katrina Mirazo has joined as Leasing and Marketing Coordinator. This is the latest in an ongoing series of strategic hires as Blanca Commercial Real Estate continues its expansion plans to provide strategic real estate advisory and brokerage services across the region.

 

Jones has joined the firm’s tenant representation practice to help companies secure the space that best aligns and supports their needs. Prior to joining Blanca, Jones built a strong track record of successful outcomes for clients as an Associate at Jones Lang LaSalle.

 

Mirazo joins Blanca’s marketing team and will support the firm’s brokerage team and implement new digital marketing strategies. Leveraging more than a decade of experience, she is a well-seasoned marketer with extensive knowledge, ranging from graphic design and website development to event logistics and sales. Before joining the firm, Mirazo worked as a Porsche Assistant Service Manager and E Commerce Manager at The Collection, and as a Senior Regional Manager at Newmark Knight Frank.

 

“We are thrilled to welcome Sky and Katrina to our team who are fully aligned with our company’s client-first approach, culture of collaboration and unwavering commitment to excellence ,” said Tere Blanca, CEO of Blanca Commercial Real Estate. “Their talents will be instrumental in our efforts to continue to develop and implement customized strategies that deliver outstanding results for our clients.”

 

Added Jones: “It is an honor to join this highly renowned team of professionals, one whose leadership, teamwork and ethics are unsurpassed within the South Florida community. Through my collaboration, my goal is to deliver added value to our clients and support the firm’s continued success.”

 

Jones earned a Bachelor of Science in Business Administration from the University of Central Florida with a concentration in professional sales, and he was a key member of the UCF Professional Selling Program.

 

Mirazo also added: “I truly admire the Blanca team for its unrelenting nature as it continues to grow steadfast during these difficult times. I look forward to bringing that same level of zeal and tenacity to my work.”

 

Mirazo received a Bachelor of Science in Mass Communications and a Master of Science in Global Strategic Communications from Florida International University. She also earned a Graduate Certificate in Art Direction from Miami Ad School.

 

About Blanca Commercial Real Estate

Blanca Commercial Real Estate, the leading independently owned commercial real estate brokerage firm in Florida, provides a complete range of brokerage and advisory services to owners and users of commercial real estate. Established in 2009, the firm is noted for delivering distinct client value through a personalized approach, unique methodology, data-driven insight, vast network and deep community engagement. Practice areas include landlord representation, tenant representation, build-to-suit advisory services, land/investment property acquisition and disposition and property management services. For more information, visit www.blancacre.com

Opinion: Landlords are adopting ‘must-have’ technologies to remain competitive

Predictions For South Florida CRE in 2020

December 18, 2019

By Deidra Funcheon

So 2019 is drawing to a close, having given the world of commercial real estate things we expected — like a booming industrial market — and things we didn’t (WeWork and opportunity zones were among the greatest flops of the decade). Bisnow asked some South Florida real estate pros what 2020 may bring. Here are their thoughts:

Jeff Gordon, vice president, JLL:“We have a number of interesting new office developments delivering or in the pipeline across Miami’s office market over the next few years. This will create variety and optionality not previously seen in Miami as it pertains to emerging submarkets, deepening options in changing submarkets and the way in which the office use is amenitized with other product types across the market as a whole. This variability will provide opportunities for tenants that approach their future leasing with a proactive strategy. In line with this, it will also be interesting to see the impact that the continued expansion of the Virgin Trains stations will have on the connectivity of Aventura and Boca with our Central Business Districts and the continued goal of connecting Florida’s growing talent and workforce.”

 

Tere Blanca, founder and CEO, Blanca Commercial Real Estate:

“Miami’s vibrant and diverse economy, its business-friendly environment (and tax advantages) and its convenient lifestyle and connectivity to the world via Miami International Airport will continue to spur the relocation to Miami of talented professionals and companies across various industries both domestically and internationally.
Key factors driving this movement include this increase in people relocating here due to tax incentives including the lack of a state income tax. The strong population growth in the past five years, with continued projected growth, will continue to motivate companies to establish a presence in Miami. Also, the uncertain political climate in key Latin American countries may attract investment into Miami from these markets that include Mexico and other nations. With limited new office supply delivering in 2020 and robust demand from companies touring the market, we expect the market to remain stable and steady with positive absorption and modest increase in rents. Also, new office deliveries in 2020 will be well-received given Miami’s persistent flight-to-quality trend and this in turn will drive owners of older, existing buildings to undertake strategic renovations to remain competitive. With flight-to-quality prominent among tenants today, we expect new supply to attract tenants across various submarkets, while also attracting new-to-market entrants.”

Courtesy of Tere Blanca Tere Blanca, founder, chairman and CEO of Miami-based Blanca Commercial Real Estate.

Cory Yeffet, director of acquisitions, Integra Investments:
“We expect multifamily development and sales to remain active in 2020. Although rent growth has slowed due in part to significant new supply, demand remaining strong and multifamily cap rates remaining at record lows will continue to support a healthy development and sales environment. This is why Integra continues to be active in the sector, with four multifamily projects under development in South Florida, including the 315-unit Bella Vista project in Lauderdale Lakes, which we intend to deliver and stabilize in 2020. The biggest commercial real estate concern we see for 2020 is the uncertain impacts of the election year, and how global economic and sociopolitical dynamics may slow down private sector expansions.”
Doug Jones, co-founder and managing partner, JAG Insurance Group:
“For about the last 10 years, rates have consistently gone down. But with the influx of natural disasters, reinsurance went up in 2019 and that will continue in 2020. That trickles down to the consumer. Also, while risk of sea level rise continues to be a concern, thanks to the recent expansion of the private flood market, consumers will actually have more options in 2020 than ever before to make sure their assets have the proper coverage.”

David Druey, Florida regional president, Centennial Bank:
“I predict minimal, if any, slowing down in deal flow of construction financing in any of the major sectors. Smart developers are seizing the opportunities of low interest rates through use of bank financing for construction financing and securing forward commitments with institution investors for stabilized projects. The ongoing major risk is if the developer can actually complete the project on time and budget. Most of the more substantial projects, outside of apartments, typically have the stabilization piece solved prior to construction commencement.”

Ronald Fieldstone, partner, Saul Ewing Arnstein & Lehr:
“The new EB-5 regulations went into effect at the end of 2019 and we are still seeing increasing interest from investors, especially from Latin America, in the EB-5 program despite the higher threshold. Over the past 10 years, developers have grown dependent on raising EB-5 capital to finance their projects due to the low cost of EB-5 borrowing. We expect it to continue to remain a viable source of financing for development projects in downtown Miami west of Biscayne Boulevard, Little River, areas around Miami International Airport and certain sections of Coconut Grove.”
Stephen Rutchik, executive managing director, Colliers International:
“Although one of the original iterations of coworking, WeWork has collapsed on a corporate level, I expect that the concept and most of the existing locations will continue to perform well over the next year. On a larger scale, office landlords in South Florida are increasingly incorporating the coworking concept into existing office buildings. This is attracting new tenants who previously would have either been priced out of traditional office space or who require flexibility that a traditional lease cannot provide. The coworking concept is much larger than WeWork. It has quickly become a part of the American office culture and I expect this trend to grow in the coming years.”

Adam Lustig, partner and incoming real estate practice group leader, Bilzin Sumberg:
“With continued low interest rates, increased employment and significant population growth, I expect the South Florida real estate market to remain strong in 2020. In particular, I see health-related real estate and senior housing as areas of opportunity with the aging of the population and the need for urgent care centers, hospitals, medical office space and senior housing facilities. As shopping center owners try to adapt to dramatic changes in the retail market, medical, health and wellness uses will continue to expand. The major threats to continued growth in South Florida remain traffic, lack of public transportation and affordable housing. One other threat that is not being talked about enough, but that we are very focused on, is the phase-out of Libor at the end of 2021 which affects trillions of dollars of commercial real estate loans.”

Chris Chakford, managing director of origination, Kawa:
“Kawa sees ground leases as an ongoing trend in 2020 as banks pull back on commercial fee simple financing in non-core markets, most notably in hospitality and office sectors. With sponsors needing creative solutions to fill out capital stacks and lessen their equity requirement, Kawa has created a ground lease program that offers a complete financing solution to meet these needs. This type of financing vehicle offers a highly adaptable bifurcation structure that accommodates owners’ needs while typically enhancing returns, providing tax benefits, being nonrecourse, and mitigating interest rate risk by offering perpetual financing. In the last three years, Kawa has executed 12 ground lease transactions with a total value in excess of $652M and anticipates ground leases to be a prominent alternative for providing creative financing solutions with flexible capital that can be deployed quickly as we look ahead into 2020.”

Peter Mekras, president of Aztec Group:
“2020 is likely to be a year filled with volatility. Interest rates and the political environment both locally and nationally will be the main drivers of market volatility in 2020. Irrespective of the trend of volatility in 2020, we expect capital markets to remain liquid. Equity capital will continue to flow into Florida real estate in 2020. Florida will maintain its label as one of the few states positioned for strong long-term fundamentals and a uniquely favorable business environment for real estate investors. Florida is projected to experience better than national trend employment growth and will continue to benefit from strong population growth. Rental apartments, senior housing and well-located office and shopping centers will be the beneficiaries.”

Lissette Calderon, president and CEO of Neology Life Development Group:
“Allapattah is seeing significant residential and commercial real estate investment underway that will enhance the neighborhood’s appeal and quality-of-life offerings. With Miami’s growing population seeking lifestyle living alternatives within the urban core at attainable price points, our mission is to provide a solution to this need by developing attainable luxury rental units that are modern, functional and offer upscale amenities.”

Michael C. Brown, executive vice president and general manager, Skanska USA Florida:
“Come the new year, I anticipate the two sectors poised to fuel Miami’s economic growth will be healthcare and higher education, which continue to be the largest sectors for us across the state and in South Florida. I believe we will also continue to see a more pronounced shift into environmentally friendly building, specifically with companies looking to minimize their carbon footprints.”

Martin Melo, principal, The Melo Group:
“2020 will prove to be a year full of challenges, mostly driven by the political landscape throughout Latin America, the upcoming elections and the increasingly low interest rates and low income tax in Florida. We can expect to see an influx of new residents who come to South Florida searching for a more attractive and stable socioeconomic climate as opposed to the current situation in their own countries. The demand for multifamily and market-rate apartments will continue to rise and interest rates will remain low, which will ultimately spark a bigger interest from developers and investors in the area.”

Shawn Gracey, executive vice president of hospitality, Key International:
“As the hospitality industry becomes increasingly diverse, there will be even more emphasis on presenting a unique value proposition to today’s travelers. We’ve found that our customer profile is seeking experience-based and design-driven accommodations in key coastline cities, which led us to develop the AC Hotel by Marriott in Fort Lauderdale Beach, which will be one of the newest, upscale select-service properties in the area when it’s delivered next year.”

Rishi Kapoor, CEO, Location Ventures:
“Pointing to various indicators, the fortress submarkets of Miami’s luxury condo inventory are the prominent choice in 2020, compared to areas of oversupply. Foreign buyers will remain a challenge, despite promising pockets from target countries in Latin America; the true stability is in the end user, who traditionally purchases a primary residence rather than investment product, and is more likely to focus on lifestyle moves in the market. This is why more protected submarkets, such as Coral Gables, will be a strategic play, as we’re seeing a wave of retirees or empty nesters, coupled with growing families, seeking to place roots in a neighborhood with a thriving business environment, limited top-tier condo product and a historic record for stability.”

Miguel Díaz de la Portilla, attorney, Saul Ewing Arnstein & Lehr:

2020 will be an exciting year of American Dream Miami. We have our land use and zoning approvals in place and will be finalizing the design of the project, applying for administrative site plan approval, and moving forward with continuing to work on infrastructure. This will all be happening at a time when people from all over the world are beginning to experience the magnificence of American Dream Meadowlands in New Jersey. Triple Five just opened the entertainment center that serves as a sneak peek to how American Dream Miami will look and the tremendous benefit that it will have on our local economy.”

Opinion: Landlords are adopting ‘must-have’ technologies to remain competitive

Opinion: Landlords are adopting ‘must-have’ technologies to remain competitive
November 25, 2019

Tere Blanca is the founder, chairman and chief executive officer of Blanca Commercial Real Estate, Inc., an independently owned commercial real estate services firm headquartered in Miami.

Radically transforming commercial real estate, new technology — much of it in the form of convenient, user-friendly apps — is being adopted by property owners wishing to remain relevant and competitive. Landlords who want to work smarter, protect their properties, and attract and retain tenants, do well to become acquainted with future-forward technology redefining property management and tenant relations.

While numerous contenders may vie for attention, the following are tried-and-tested options being used in many commercial spaces throughout Miami.

One of the original ground-breaking companies in the industry, Kastle Systems, established more than five decades ago, provides an integrated platform of cutting-edge solutions, delivering both excellent consumer experiences and landlord peace-of-mind. Tenants can conveniently open or unlock property doors with their smartphones, doing away with the need to carry cardkeys or fobs, while allowing landlords to entrust the task of making their space safer to a dedicated team.

On call 24/7, they provide video surveillance, visitor and identity management tools, and monitors alarms, security reports, repairs and more. CUBE WYNWD, a RedSky Capital office project, relies on Kastle Systems to provide top security and access for its tenants. Additional disruptors in the security systems space include Kisi and Openpath.

Another provider of advanced technology that has become invaluable for landlords seeking to better understand real space needs and save costs — Mapiq tracks activity within your office space and building common areas in a single dashboard. A heatmap reveals how people are concentrated throughout the building or a space.

The data, collected in the analytics dashboard provides quantified statistics over time, enabling confident, strategic decisions. For employees, this cloud-based solution facilitates finding available desks and meeting rooms and other employees. With Mapiq, landlords, tenants and employees access tools which effectively position them to have control over their environment.
Additional solutions include Jabra, TrueView Heatmap by Mirame.net and several others that are in development phases.

A third resource — award-winning HqO, connects tenants to their community, facilitates commerce, and provides content, among other features. This app provides the means to maximize positive tenant experiences and strengthens the tenant-landlord relationship.

HqO enables tenants to pay for the amenities and services offered throughout the building; be apprised of events taking place on or near the property, and receive timely notifications, while also providing messaging and concierge services. It can also be used to control the environment in the building, including opening doors and accessing common areas. HqO brings a wealth of information and a smart tool for communication which tenants can access by simply picking up their smartphones.

Other apps that focus on the tenant experience include Comfy, Bixby and SkyRise, and many traditional property management platforms are also launching similar tools.

Yet another innovative option is Motionloft, developed by a leader in artificial intelligence and computer vision, it is rapidly gaining in popularity. Utilizing wireless sensors, Motionloft gathers real-time vehicle and pedestrian data, enabling developers to gauge foot traffic and attract retailers accordingly. Currently, Goldman properties in Wynwood utilizes this solution, allowing them to gauge traffic throughout their retail and dining spaces.

A fifth tool, Kepler Analytics is designed to decrease operating costs and enhance customer satisfaction. Kepler analytics measures sales in stores outfitted with sensors which allows it to monitor individual stores to entire regions — forecasting which stores will meet daily targets and which might need a little attention. It also controls access.

RetailNext, ShopperTrack and Aislelabs are also similar tools being leveraged in the retail sector.

Commercial real estate landlords who expand their offerings to include mobile platforms and future-forward technology are amplifying their competitive edge, facilitating how they market their properties, and securing tenants and their properties. Using one’s phone to book a conference room, pay rent, learn about an upcoming event, access building areas, and much more, is a convenience tenants will soon come to expect.

Savvy landlords will do well to stay at the forefront of the technology curb as this technology becomes more ubiquitous and helps to shape the future of commercial real estate.

Tere Blanca is the founder, chairman and chief executive officer of Blanca Commercial Real Estate, Inc., an independently owned commercial real estate services firm headquartered in Miami. She may be reached via email at tere.blanca@blancacre.com or via LinkedIn here. www.blancacre.com.ents will continue to hold with moderate rent increases, if any.”

Demand for Miami office space remains strong as companies relocate to the region

Demand for Miami office space remains strong as companies relocate to the region
November 15 , 2019
By Rebecca San Juan

“It’s a healthy office market,” said Blanca CEO and President Tere Blanca.

Demand for office space continues to rise as companies from outside of Florida relocate to Miami-Dade County, driving up average asking rates by more than 5 percent from a year ago. An increase in co-working spaces also played a significant role.

The average weighted asking rate grew for Class A and Class B office space, according to the Blanca Commercial Real Estate third quarter 2019 market report released this week.

For Class A space, average weighted rates grew 5.6% year over year, from $45.51 per square foot in the third quarter 2018 to $46.37 per square foot in the third quarter 2019. The highest average asking rates were in Brickell, at $59.10 per square foot, and Wynwood/Design District, at $55.97 per square foot.

The average asking rates for older, simpler Class B space crept up slightly, from $33.39 per square foot in the third quarter 2018 to $33.47 a square foot in the third quarter 2019. But the class suffered a loss of 248,000 total square feet, primarily in the Miami Airport market.

The vacancy rate for Class A space dipped slightly, from 13.9% to 12.7%, while the vacancy rate for Class B space inches up from 16.1% to 16.9%.
A total of 324,000 square feet of multi-tenant office space was delivered, said Blanca, for a total Class A/ Class B inventory of 36,953,985 square feet. Another 2.1 million square feet of multi-tenant office space is underway and set to be delivered by late 2022.

“It’s a healthy office market,” said Blanca CEO and President Tere Blanca.

Net absorption increased overall year-over-year, by 412,191 square feet, led by Class A space offering amenities such as wellness programs, concierge services, Wi-Fi indoors and outdoors as well as tenant lounges with snacks and coffee. Tenants in legal, financial and professional services gravitate toward buildings with water views, she said.
Much of the change in the Class B market was driven by companies already in the market looking to right size their spaces — both by increasing and decreasing — and seeking new layouts, said Blanca.

Overall, tenants are also looking for buildings connected to transit and those with open floor plans and flexible conference spaces.
Of the positive absorption, 292,000 square feet or 44% came from co-working companies leasing in Downtown Miami, Miami Beach, Brickell and Coral
Gables. Co-working now accounts for nearly 4% of the total office inventory in the county.

“In addition to making an impact in taking up space within existing buildings, they have actively established a presence in a large portion of new supply underway. Buildings like 830 Brickell, One Cocowalk, and CUBE Wynwd are anchored by co-working companies,” she said. “These companies are also allowing out of market companies to test the Miami market by offering flexible lease terms and move-in-ready spaces.”

Despite WeWork’s woes, several companies, including Venture X, still continue to expand their co-working footprint in South Florida.

“Although there is a large presence of coworking spaces, the majority are doing very well given Miami is an entrepreneurial community with access to a global market,” said Blanca.
New-to-market firms are driving net absorption, led by companies in finance, technology and professional services, said Blanca. Those include Starwood Capital, which is moving to Collins Avenue in Miami Beach; SoftBank, which took space in Brickell, and Icahn Enterprises, which will relocate from New York to the Milton Tower in North Miami Beach.

The Tax Cuts and Jobs Act, a favorable business environment and climate are driving new companies to relocate to Miami, said Blanca.

About 150 companies have expanded to Miami since 2017, encompassing 592,000 square feet, wrote Blanca Chief Marketing Officer Diana Pubchara over email. The majority of the companies had an office elsewhere out of state and decided to open in Miami-Dade County. Some organizations in foreign markets are establishing their U.S. headquarters in the Magic City. And about 15 new companies are touring the market and would cover another 201,000 square feet when they are expected to sign leases in the next few months.

“As more companies announce to relocate or expand into Miami, we expect other companies to follow suit given our tax friendly environment and unique access to global markets,” said Pubchara.
The entrance of new firms, said Blanca, will help “backfill vacancies in existing buildings and create positive absorption.”

The market looks bright looking over the next 25 months, said Blanca. She said, “We’ll see continued absorption and rents will continue to hold with moderate rent increases, if any.”

OPTIMA ONYX TOWER TOPS OFF, ON SCHEDULE FOR COMPLETION IN Q2 2020

FOR IMMEDIATE RELEASE

MEDIA CONTACT:
Kris Conesa
Roar Media
kris@roarmedia.com

 

OPTIMA ONYX TOWER TOPS OFF, ON SCHEDULE FOR COMPLETION IN Q2 2020
Building Will Be First Class A Office Tower To Deliver In An Opportunity Zone Locally

 

MIAMI–(November, 5, 2019) – Blanca Commercial Real Estate, Florida’s leading independently owned commercial real estate brokerage firm, today announced that Optima, a destination office campus designed to meet the unique needs of driven business leaders, has topped off its Onyx Tower and is on schedule for completion in Q2, 2020. The Onyx Tower is the latest addition to the highly sought-after office campus which also includes the White Tower and the Red Tower, both of which are already completed and have been proven as top-tier office destinations in Aventura/Hallandale.

Optima’s Onyx Tower, a new Class A office masterpiece of innovative design and sustainability located at 21500 Biscayne Boulevard, just a few minutes away from the planned Virgin Trains station in Aventura, features 20 floors of office space with balconies and panoramic ocean views and consists of 308,198 square feet. Tenants will also enjoy first in class fitness amenities that include a lap swimming pool, more than one acre of green rooftop spaces, a jogging trail and fitness center. The building is designed to be LEED certified platinum and also features an efficient floor plate design of approximately 17,000 square feet, along with a full-floor conference facility for tenants’ exclusive use, an 8-story parking garage and a state-of-the-art backup generator to ensure business continuity during a power outage. The building will also feature an impressive glass box design fronting Biscayne Blvd for an upscale restaurant.

“Once completed Optima’s Onyx Tower will be a destination class A office space like no other, said Tere Blanca, Founder and CEO of Blanca Commercial Real Estate. “The ownership group has spared no expense to make this amalgamation of design, sustainability and top-tier amenities an attainable reality for businesses seeking world-class office space connected to mass transit via the recently approved Virgin Trains Aventura Station.”

Optima’s other compelling attributes include its proximity to four airports, major highways and countless shopping, dining and entertainment options at venues like Gulfstream Park, directly adjacent to the complex, and Aventura Mall located less than 1.5 miles away. The property is also just minutes away from banking, hotels, parks, golf courses, marinas and the beach.

More information and office leasing opportunities are available by contacting Tere Blanca, Juan Ruiz or Mike Nathanson with Blanca Commercial Real Estate at (305) 577-8850.

About Blanca Commercial Real Estate
Blanca Commercial Real Estate, the leading independently owned commercial real estate brokerage firm in Florida, provides a complete range of brokerage and advisory services to owners and users of commercial real estate. Established in 2009, the firm is noted for delivering distinct client value through a personalized approach, unique methodology, data-driven insight, vast network and deep community engagement. Practice areas include landlord representation, tenant representation, build-to-suit advisory services, and land/investment property acquisition and disposition. For more information, visit www.blancacre.com

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 Editor’s note: Interviews are available upon request