SkyX Platforms Corp. inked a 10-year deal for 32,200 square feet and signage rights at the newly completed Elser Hotel & Residences tower in Downtown Miami.
The company, a manufacturer of smart devices for light fixtures and ceiling fans, only plans to use about half of the space to house a showroom and its headquarters, now in Pompano Beach, said a spokesperson for the SkyX Platforms. It will sublet the other half, subject to the landlord’s approval.
The tenant will pay a fixed annual base rent of $2.6 million annually, which works out to roughly $80 per square foot, with cumulative compounded annual increases of 3 percent each year, according to SkyX Platforms’ SEC filings. But it won’t begin to make any payments for the first fourteen months of the lease agreement, which closed on September 23. The landlords, Property Markets Group (PMG) and Greybrook, will provide an allowance of up to $2.3 million, which SkyX Platforms can use for the buildout of the outpost.
The deal also includes two exterior signs close to the rooftop of the 49-story building for an annual fee of $5 per square foot, per sign, also with cumulative compounded annual increases of 3 percent.
Located at 400 Biscayne Boulevard, the Elser Hotel & Residences, originally built as a luxury rental, features 646 unit condominium units, geared towards short-term rentals. PMG and Greybrook, a Toronto-based real estate private equity firm, completed the property this year and secured a $235 million refinancing last month.
Source: Commercial Observer
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