Newmark Grubb Knight Frank has arranged the renewal and expansion of the anchor tenancy of Lennar Corp., and its subsidiary Rialto, at Lennar Corporate Center office park. The new long-term lease of 120,000 square feet at 700-790 NW 107th Avenue in Miami was secured by managing principals Patrick M. Duffy and Jon Bourbeau.
In one of the largest deals in the past year in south Florida, Lennar boosted its occupancy by approximately 30,000 square feet. The additional space is for Rialto Capital Management, a Lennar subsidiary that focuses on leveraging distressed assets.
“Lennar is a premium tenant in the Miami-Dade County office market,” said Bourbeau. “As such, it had the full array of opportunities to relocate. In the end, the most appealing option was to stay put and expand in the office park where the company has grown its identity.”
The extra space will be occupied by Rialto, which has been the rapidly growing real estate investment subsidiary of the homebuilders’ operations during the past two years. The Lennar Corporate Center is located in the Airport West submarket of Miami, at the intersection of 107th Avenue and the 836 Expressway. The 285,000-square-foot complex provides direct access to highways, residential areas and Miami International Airport.
The property offers gated security, an on-site fitness center and café and free tenant parking. Rental rates range from $23 to $26 per square foot at Lennar Corporate Center, which is now 93 percent occupied. The tenant roster includes General Electric, Komatsu, Maersk and Liberty Mutual Insurance, among others.
The landlord, Colony Realty, was represented in the Lennar transaction by Continental Real Estate Companies’ principal David Moret and vice-president Douglas Okun.
About Newmark Grubb Knight Frank
A part of BGC Partners, Inc. (NASDAQ:BGCP), Newmark Grubb Knight Frank is one of the largest commercial real estate service firms in the U.S. It brings together the strategic consultative approach to creating value for clients and leading position in the New York market that are hallmarks of Newmark, the complementary strengths of Grubb & Ellis in leasing and management, investment sales, valuation and capital markets services, and BGC’s financial strength, proprietary technology and unrivaled relationships with the world’s leading financial institutions and other outstanding businesses.
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