December 5, 2019— Avison Young negotiated a new, long-term,14,280-square-foot lease on behalf of CoSuite™ at 800 Brickell Avenue, a 15-story, 209,122-square-foot office tower in Miami’s Financial District. The tenant will take the entire fourth floor and bring the building’s occupancy to 85.4%.
Avison Young Principal and Managing Director Donna Abood, Vice President Joe Abood, and Associate Peyton Dowd represented the tenant during the lease. On the heels of the transaction, the team was retained by new ownership, Gatsby Enterprises in partnership with MasterMind Properties, to handle office leasing at 800 Brickell.
“Located at the gateway of Miami’s Financial District, this trophy office property is perfectly positioned for a co-working environment,” said Donna Abood. “Clients will enjoy the abundance of amenities in the surrounding area and ease of access to all major highways and thoroughfares.”
CoSuite, a hybrid of co-working space and executive suites, will benefit from 800 Brickell’s strategic location on the corner of Brickell Avenue and SE 8th Street granting users immediate entry to Interstate 395, Interstate 95, and the 836 Expressway.
“CoSuite fills a void in the shared office sector for individuals and companies seeking to have the flexibility, professional environment and superior amenities within open workspaces and traditional work settings,” said Tom Weber, CEO & President of CoSuite. “800 Brickell is a premium location and our second of many that we will focus on in Florida and the east coast of the United States.”
800 Brickell features a three-story atrium, a courtyard plaza, abundant parking and valet service, and convenient on-site amenities, which will soon include a 12,000-square-foot fine dining and quick-service restaurant and up to $3 million of capital improvements. In addition to restaurants, shopping, and entertainment, the property is walking distance to financial institutions, health clubs, and prestigious hotels. The location also boasts easy access to public transportation, including Metrorail, Metromover, Metrobus, and Brickell Trolley.
Miami’s office market recorded positive net absorption and healthy leasing activity overall during third-quarter 2019. One of the three largest class A office submarkets in terms of inventory, Brickell posted the lowest class A vacancy at 7.18%, followed by Airport/Doral (11.59%) and Downtown Miami (19.86%).