One of the South Florida real estate market’s most dramatic turnaround stories is unfolding at 1400 Biscayne Center, the mixed-use office and retail complex located in the heart of downtown Miami.
The building’s occupancy has climbed from 11% to 70% less than two years since Spain-based Espacio USA purchased the property and launched a marketing effort aimed at leasing the building’s 150,000 square feet of space.
The property’s newest tenants include Paramount Pictures, which is leasing 9,300 square feet for the production of one of its upcoming films; Centro Cultural Español occupying 5,500 square feet of retail space along Biscayne Boulevard; Cleveland Orchestra taking 2,400 square feet; and La Fabrica Films USA leasing 2,000 square feet.
“Look at a map of Miami, and the area surrounding 1400 Biscayne Center is quickly becoming the focal point of the city’s new-look urban core,” said Maribel Goldar, director of leasing and marketing for Espacio USA. “Offering tenants frontage along Biscayne Boulevard, walking distance to the city’s top cultural outlets and hotels, and direct linkage to the city’s main expressways, 1400 Biscayne Center is fast becoming Miami’s ‘go-to’ address for companies seeking strong ownership, visibility, convenience and access.”
1400 Biscayne Center’s leasing success also coincides with the culmination of a more than $1.5 million capital improvement program that included the renovation of all interior and exterior public spaces, as well as the property’s east-facing facade along Biscayne Boulevard. The upgrades followed the building’s 2010 acquisition by the American arm of Spanish real estate firm Inmobiliaria Espacio, which marked the company’s entry into the South Florida real estate market.
Alberto Muñoz, CEO of Espacio USA, credits the dramatic uptick in leasing activity at 1400 Biscayne Center to the building’s extensive renovation and rising demand for urban locations among Miami businesses. “When evaluating real estate investment opportunities in the United States, Espacio USA quickly set its sights on downtown Miami. The residential and commercial activity underway in Miami’s urban core is outpacing that of nearly any city in the world,” Mr. Muñoz says. “The neighborhood’s vibrancy and location, coupled with the commitment Espacio USA has demonstrated through major capital improvements, is attracting quality tenants to 1400 Biscayne Center.”
1400 Biscayne Center is attracting a healthy mix of tenants, with recent additions to its tenant roster including Active Serve, Inc., Condo Black Book, LLC, Dolcevita Cashmere, LLC, Miami-Dade Affordable Housing Foundation, Inc., Qualitta Arquitectural Solutions, Coastal Recycling, Inc., AOC Wines and Capital Financial Group.
The office property comprises approximately 150,000 square feet of rentable office and retail space, including a number of storefronts with prime visibility along Biscayne Boulevard, downtown Miami’s main thoroughfare. In addition to build-to-suit space, the building offers a full-service Business Center with shared services and amenities designed for small- to mid-size companies in the market for short term office space.
Situated at the center of Miami’s cultural arts and entertainment district, 1400 Biscayne Center is located directly north of the Adrienne Arsht Center for the Performing Arts of Miami-Dade County and three blocks from the under-construction Museum Park complex, which will soon house the Miami Art Museum and Miami Science Museum. The American Airlines Arena, home to the NBA’s Miami HEAT, is five blocks south. Miami International Airport, Miami Beach, the Brickell Financial District, and the city’s Health District are all less than 10 minutes away by car or public transit.
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