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Wall Street Influx Continues With Miami Beach Lease of 12K SF

In another case of a New York financial firm setting up shop in South Florida, investment fund Pretium Partners has leased office space in Miami Beach.

Pretium Partners has taken 11,591 square feet at Eighteen Sunset, developer Deco Capital Group announced Thursday. The new building at 1769 Purdy Avenue is set to open in 2023.

Pretium Partners has a Miami Beach office at 1688 Meridian Avenue, according to the company’s website. It didn’t release details about how large that space is or whether it will vacate after it moves into the new building. Pretium is an owner of single-family rental properties, with a portfolio of 85,000 homes. Its assets under management exceed $50 billion.

Pretium Partners was founded by Don Mullen, a former partner at Goldman Sachs.

Tech and finance firms have been flocking to Miami Beach. Andreessen Horowitz, the venture capital firm also known as a16zinked a lease earlier this year at Barry Sternlicht’s development at 2340 Collins Avenue.

In another sign of new investment in the Miami Beach office market, the Miami Beach Preservation Board this week unanimously approved plans for major upgrades to 407 Lincoln Road, an office building famous for its rooftop clock.

 

Source:  Commercial Observer

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First Mixed-Use Class A Office Space To Break Ground In Miami Beach

The first purpose-built Class A office space will rise in the Sunset Harbour district of Miami Beach after a mixed-use project won approval from the city commission last week.

With an influx of business and wealth migration to South Florida, many are looking at Miami Beach as a place to relocate.

Eighteen Sunset will span more than 60,000 square feet and offer luxury residential, retail and residential accommodations in one building. The five-story building will have two floors of Class-A office space, a residential penthouse with a rooftop, 32,000 square feet of indoor and outdoor space with a deck overlooking Biscayne Bay, and street-level retail and restaurant space.

“We haven’t even begun marketing this and yet we’ve had a lot of interest and demand from various folks for all aspects of the project. I think we’re hitting it just at the right time,” said  Brad Colmer of Deco Capital Group, the development firm behind Eighteen Sunset.

The third and fourth floors will be 32,000 square feet of office space for finance and investment firms, family offices, technology firms, and professionals seeking waterfront views. Deco Capital Group has enlisted a best-in-class team to represent Eighteen Sunset, with Stephen Rutchik of Colliers International leasing the building’s office space, and Sara Wolfe of Koniver Stern marketing the retail offerings.

The penthouse has 15,000 square feet of indoor space and sits one floor above the office space, where an executive can live and work under the same roof. The rooftop deck will have a pool, hot tub and outdoor dining area. The penthouse owner will also have a private garage that has room for at least six cars on the building’s second floor and direct elevator access.

“The Penthouse at Eighteen Sunset will be the pinnacle of luxury and exclusivity in Miami Beach, making it unlike any private residence the city has seen,” said Oren Alexander of Douglas Elliman, which is selling the penthouse. “This is perfect for a buyer drawn to the idea of taking an elevator down to the ground floor and being immersed in a vibrant, walkable neighborhood that offers everything from sidewalk cafes and coffee shops to trendy boutiques and a marina across the street. All of this is available in a building offering beautiful views and the amenities and security features of a world-class building.”

Eighteen Sunset, located between Purdy Ave. and Bay Road, will overlook Biscayne Bay and Maurice Gibb Park, close to dining and retail destinations. The project is the newest development by Deco Capital Group, a Miami-based real estate development and investment firm.

“We have a covered breezeway as well as covered sidewalk space,” Colmer said. “I can’t think of many other buildings in South Florida that are going to have the amount of covered outdoor space that we have and the indoor and outdoor connectivity for ground-level activation. I think that offers a lot of exciting opportunities.”

Colmer says construction is expected to start around September and is scheduled to be completed in 2023.

 

Source:  GlobeSt.

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