CBRE Takes Lead In Office Market Share In South Beach With Two New Leasing Assignments

10/3/17

CBRE leads the office leasing market share in South Beach with more than 266,287 square feet of exclusive office space in the market. The team, composed of Maggie Kurtz, Diana Parker, Kevin Gonzalez, and Jason Krieger, has more than 20 years of experience in the South Beach market. Their latest listings, 1674 and 1688 Meridian Avenue in Miami Beach, are two Class A office buildings, located in South Beach, within walking distance from Lincoln Road, City Hall, and the Miami Beach Convention Center.

“Miami is one of the most desirable places in the world to live, work, play and stay, and South Beach continues to draw the attention and interest of investors, tenants, and tourists alike,” said Maggie Kurtz, senior vice president at CBRE. ”1674 and 1688 Meridian Avenue are two exceptionally well-positioned buildings and we expect a lot of tenant interest.”

1674 Meridian Avenue is a five-story building undergoing major renovations, including upgrades to the exterior, finishes in common areas and mechanical systems. 1688 Meridian Avenue, also undergoing significant common area upgrades, is a 10-story 96,870-square-foot building on the corner of Michigan Avenue and Meridian. It can accommodate large users from 1,000 - 15,000 square feet or more. Between the two buildings, renovations total more than $5 million. Maggie Kurtz and Jason Krieger are representing the owner, Ivy Realty Services, LLC.

According to CBRE’s MarketView Miami Office Q2 2017 Report, average asking lease rate in Miami Beach was $40.57per square foot during the second quarter of 2017, accompanied by a 5.9 percent vacancy rate. In Miami, increasing rents and declining vacancy rates are driven by a growing number of new-to-market and expanding companies looking to establish offices in the market.

Ivy Realty was founded in 1996 to acquire commercial real estate in the northeastern United States. They later expanded into southeastern Florida, and to date, they have acquired $2 billion and 14 million square feet of commercial real estate assets.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

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