Fortune International Realty Tapped To Market Downtown Miami Office Building

The joint venture between Midgard Management Company and Miami-based real estate developer Newgard Development Group has selected Fortune International Realty to be the exclusive sales firm for One Flagler, Downtown Miami’s newest boutique office condo building.
Located at 14 NE First Avenue, One Flagler is offering 14 floors of office condos, spanning 143,000 square feet of sellable/leasable space with views of the downtown Miami skyline and the Atlantic Ocean. Buyers and agents interested in learning more about the building can visit One Flagler’s brand new, state-of-the-art sales center. Located on the 12^th floor, the sales center features beautiful city views and a scale model of the iconic building.
 

Fortune International Realty was selected in large part due to their experience selling Miami real estate for more than three decades, according to Harvey Hernandez, Chairman and Managing Director of Newgard Group. “Their expertise in commercial real estate and ability to reach buyers across the globe, make them the perfect fit to partner with our team for the sales of One Flagler.”

The building’s office condo conversion is taking place as the downtown Miami office market continues to strengthen. A recent Miami Downtown Development Authority report showed that 750,000 square feet of office space has been absorbed in Miami’s urban core since the recession. The report cites that the office vacancy rate in downtown Miami has dramatically decreased in recent years and that trend is expected to continue, buoyed by the residential growth in the area.
 

“Downtown Miami is an international center for business, where companies from around the world want to be located to expand their reach into Latin America and beyond,” said Fabio Faerman, Commercial Division Director at Fortune International Realty and Sales Director for One Flagler. “That global status, along with the central location and iconic design of One Flagler, make it an ideal investment for buyers looking to diversify their portfolio, while making income from day one because the offices are already leased.”

Famed architect Morris Lapidus designed One Flagler in 1952. With its detailed glass curtain walls and rooftop penthouse, One Flagler was one of the most modern buildings in the United States when it opened in 1952 as the Ainsley Building. Lapidus is best known for his curvy neo-baroque hotel designs considered revolutionary in his day, and he was the creative mind behind the Eden Roc Miami Beach Hotel and Fontainebleau Hotel in Miami Beach, in addition to Lincoln Road.
The joint venture is investing $10 million in building upgrades to improve the tenant experience, including renovations to the lobby, office spaces, common areas, and restrooms. Elevators, electrical and HVAC systems are also being updated. The building will also offer conference rooms, a tenant lounge and a juice bar. Amenities include valet parking, 24-hour security, front desk/reception, and fiber optics for state-of-the-art Internet and communication connectivity.
One Flagler is in the center of downtown Miami’s bustling Central Business District, surrounded by the region’s top financial institutions, leading businesses, county/state/federal courthouses, and major government facilities. It is also just minutes away from the Brickell Financial District and close to numerous hotel properties, as well as the planned major mixed-use development Miami Worldcenter. The office building is accessible to nearby highways and minutes from the All Aboard Florida Downtown Station, a multimodal hub station in Miami that is under construction and will serve as the flagship of the city’s express, intercity passenger rail service operation.

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