In a sign that companies want offices closer to home, Bupa Worldwide Corporation has signed a 59,642 square foot long-term lease at the Offices at Palmetto Bay Village Center for its Latin American headquarters.
This is the largest office lease to date in Miami for 2013.
Bupa is a worldwide health and care organization that has been in business since 1947. With more than 30 years of experience in the market, Bupa is one of the largest and strongest insurers in Latin America and the Caribbean. Bupa has 10 million customers worldwide.
The Offices of Palmetto Bay Village Center was represented by Scott Sime and Elizabeth Santos of Sime Realty Corp. Bupa was represented by Michael Elbilia and MJ Ridenour of Coldwell Banker. Financial terms of the agreement were not disclosed.
“This lease is the largest office lease to date in Miami and it drives the occupancy of this property to over 90%, “said Scott Sime, principal of Sime Realty Corp. “Additionally, Bupa will be bringing in up to 450 employees, so it will create a strong economic driver to this area of the county.”
“As major corporate users increasingly look to reduce employees’ commuting times and offer more collaborative work environments, buildings such as the Offices at Palmetto Bay Village Center will remain in high-demand,” said Sime Realty Vice President Elizabeth Santos. “The Offices at Palmetto Bay Village Center stands out for its panoramic water views, short commute times from executive housing, premium finishes, and ease of access to major highways – making the building a smart choice for users seeking a premier Class A workspace and convenience.”
The Offices at Palmetto Bay Village Center is located at 18001 Old Cutler Road in Palmetto Bay. The property consists of three existing buildings and two office build-to-suit parcels on 80 acres. The property offers both surface and garage parking at an above-average parking ratio that can be increased to as high as 8.0 spaces per 1,000 rentable square feet.
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