55K SF Lease Renewal Ranks Among 2024’s Largest Office Deals

Bayview Asset Management recommitted its tenancy by renewing its office lease for 55,071 square feet at the Office at Merrick Park located at 4425 Ponce de Leon Boulevard in the heart of Coral Gables. Colliers

Colliers Vice Chair Stephen Rutchik and Vice President Tom Farmer represented the landlord, Brookfield Properties, in negotiating the lease transaction. Vice Chairman Matthew Cheezem of Cushman & Wakefield represented the anchor tenant, Bayview Asset Management, in the renewal of its headquarters office.

“Bayview Asset Management has chosen to remain at the Office at Merrick Park for its headquarters due to its prime Coral Gables location, direct connection to the Shops at Merrick Park, and top-tier amenities,” said Rutchik. “Brookfield Properties’ proactive approach, including upcoming capital improvements, has solidified the partnership. Colliers continues to lead the way in this well-connected submarket, offering easy access via U.S. Highway 1, proximity to the Metrorail, and abundant parking.”

The Office at Merrick Park provides 126,021 square feet of Class A office space across five floors.

Brookfield Properties has committed a substantial capital investment in the building, with planned improvements including a full lobby renovation, updated elevator cabs, exterior enhancements, and parking garage upgrades. The renovations will elevate the tenant experience and reinforce the building’s status as a top office destination. Additionally, a full-floor penthouse opportunity remains available, offering 24,878 square feet of premium office space, an exceptional opportunity in this highly competitive market.

“The deal further reinforces the growing trend of tenants choosing the Coral Gables office submarket as an ideal location to remain, expand, or relocate, surpassing other regional submarkets,” said Farmer. “The momentum is evident in the continued success Colliers is achieving with the neighboring under-construction office building at 4225 Ponce, showcasing the ongoing demand for premium office space in Coral Gables.”

Long-term tenant Bayview Asset Management is a prominent investment management firm specializing in mortgage and consumer credit investments, including whole loans, asset-backed securities, mortgage servicing rights, and other credit-related assets. Headquartered in Coral Gables, the firm employs over 1,550 professionals and maintains a global presence with offices in New York, London, Luxembourg, and Geneva, as well as loan servicing and origination affiliates in the U.S. and Italy. As of June 30, 2024, Bayview oversees $19 billion in assets under management, reflecting its significant position in the financial industry.

Coral Gables continues to solidify its position as a premier office submarket in South Florida, with this lease being one of the top five largest office deals in the region for 2024, a testament to the high demand for premium office space. Furthermore, with the overall market vacancy rate below 10%, securing a lease of this magnitude underscores the growing desire among top-tier tenants for modern, high-quality work environments.