Bridge Office Fund Manager LLC (“Bridge Office”), a subsidiary of Bridge Investment Group LLC (“Bridge”) has executed a 115,358-square-foot lease for Cano Health at Flagler Station in Miami. The deal is the largest of 21 lease agreements signed across Bridge’s South Florida portfolio since the start of Q1 2021, bringing total deal volume in the market to more than 295,000 square feet.
The most notable transaction is an expansion for Cano Health, who previously occupied 29,834 square feet at the park. Cano Health is one of the country’s largest senior health providers and has cemented its headquarters at Flagler Station, where it will occupy the entire 1200 building by the end of 2022. Per the Wall Street Journal, Cano Health was recently valued at $4.4 billion. An additional two tenant renewals, totaling 10,000 square feet each, have been signed at Flagler Station, Bridge’s Class-A, three-building office park in Miami.
“With office reentry gaining serious momentum across the country, we look forward to welcoming back our new and existing tenants at our properties across Florida,” said Kelly Kuykendall, managing director of acquisitions and asset management for Bridge. “Our assets in South Florida are seeing this growth due to Bridge’s ability to quickly pivot and meet evolving tenant needs. Our portfolio in South Florida has held steady throughout the pandemic and is now seeing increased, almost unprecedented activity due to their inimitable locations that offer the amenity-rich characteristics that many companies are now searching for.”
Additional lease agreements that Bridge recently inked in South Florida include a 15-year renewal totaling 28,000 square feet at Museum Tower, a 29-story, 253,000-square foot building in downtown Miami, and one new deal and one expansion for 24,000 and 39,000 square feet, respectively, at Sawgrass Technology Park, a 515,000-square-foot office located on 56 acres in Broward County. Acquired in 2019, these assets are nearing completion on significant capital improvements, including a range of new tenant amenities.
Cameron Tallon, senior vice president at JLL, represented Bridge in the transaction.
“Our team was thrilled to assist with Cano Health’s expansion at Flagler Station, which reflects a broader resurgence in the office market as the pandemic winds down,” said Tallon. “Flagler Station’s unparalleled visibility and amenities were key factors in Cano’s decision to expand, and we look forward to fielding more leasing inquiries at one of Bridge’s premier properties in South Florida.”
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