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HomeMy WebLinkAboutDowntown Office Lease Comps 01-30-18COMMUNITY DEVELOPMENT SPACE COMP.ARABLES Purpose: The purpose of this market survey was to have an idea of the market price for leasing space within a half mile radius of the Miami Riverside Center. The 33 Downtown Building was identified as a suitable location to move the Department of Community Development and we were able to negotiate a price per square foot of'$20.00 with contiguous space totaling 12,506 SF. 1 Building Name Concord 66 Building Address• 66 West Flagler Street Proximity �IIZC 0.3 Miles Asking Rent $24.00 PSF Parking Cost N/A off site Operating Expenses N/A Full Service Commentsto Has a maximum of 6. 280 Sf of contiguous space available which is not enough to meet the needs of CD. 2 33 Downtown Building 33 SW 2nd Ave 0.2 Miles $24.00 PSF $35.00/month per space N/A Full Service Due to the proximity to the MRC and the ability to lease enough contiguous space to meet the needs of CD, this was the most desirable space to move CD. 3 Courthouse Tower 44 W Flagler Street 0.3 Miles $30.00 PSF N/A off site N/A Full Service Price point is too high. 4 Courthouse Plaza 24-28 W Flagler Street 0.3 Miles $16.00 PSF N/A off site N/A Full Service Has a maximum of 3,590 Sf of contiguous space available which is not enough to meet the needs of CD. The building has a total of 10,425 SF available spread out on 5 different floors which would not be conclusive to a proper work environment. 5 One Flagler Building 14 NE i st Ave 0.5 Miles $25.00 PSF $100.00/month per space N/A Full Service Has 11,091 SF of contiguous space available. 6 200 Building 200 SE 1st Street 0.6 Miles $32.00 PSF $163.00/month .er space N/A Full Service Has a maximum of 3,814 Sfofcontiguous space available which is not enough to meet the needs of CD. Price point is too high. '7 Chase Bank Building 150 SE 2nd Ave 0.5 Miles $26.00 PSF N/A off site N/A Full Serr ice Has a maximum of 3394 St -el -contiguous space available which_is not enough to meet the needs of CD. Information as of 113o/01 e Page 1 of 1 Lease Availability Report 66 W Flagler St - Concord 66 Building Miami, FL 33130 - Downtown Miami Submarket BUILDING Class B Office Co... Tenancy. Multiple Year But; 1964 RBA: 76,083 SF Floors 13 Tvpscal Floor' 5,853 SF AVAILABILITY Mn Civisule 100 SF Max Contig 6,280 SF Total Availabx.. 29,240 SF Asking Rent: $$22.00 - $40.00IFS EXPENSES PER SF $1.99 (2016) SPACES Floor Suite Use Type SF Avail Fir Contig Bldg Contig Rent Occupancy Term E 4th 4 Office Refet 6,280 6,280 6.280 524.00/FS 30 Days Negotiable P 5th 502 Office Refer 2,581 2,581 2,581 524,00/FS Vacant 1 - 5 Yrs P 7th Office Relet 6,200 6,200 6.200 523.00/FS Negotiable Negotiable P 9th Office Relet 100 - 500 500 500 $26.40 - 40.00/FS Vacant 1 - 3 Yrs P 10th Office Relet 800 800 800 522.00/FS Vacant 1 - 5 Yrs SALE Condo Unit CU3 01A/B Sold on Aug 9, 2017 for 5519,000 (5233.47/SF) AMENITIES Bus Line, Restaurant, Security System TRANSPORTATION Tran>>G 3ix•,^.ay 2 minute walk to Miami Avenue Transit Stop (Metromover Downtown Loop) Commuter R:•iil 10 minute drive to Hialeah Market Commuter Rail (TN -County Commuter) Airport: 24 minute drive to Miami International Airport Walk Score o, Walker's Paradise (99) Transit Score : Rider's Paradise (100) Copyrighted report licensed to City of Miami Dept. of Real Estate & Asset Mgmt. - 382728. 1/29/2018 s t� j CoStar Page 12 Lease Availability Report 66 W Flagler St - Concord 66 Building Miami, FL 33130 - Downtown Miami Submarket KEY TENANTS Van Ness Law Firm Pa Andrews International Cinotti LLP 6.280 SF 4.682 SF 3,000 SF Brickell Travel Management Rivkind Pedraza & Margulies Hoffman & Hoffman P.A. 6,100 SF 3,442 SF 3,000 SF Copyrighted report licensed to City of Miami Dept. of Real Estate & Asset Mgmt. - 382728, 1 /29/2018 fed CoStar Page 13 Lease Availability Report 33 SW 2nd Ave - 33 Downtown Miami, FL 33130 - Downtown Miami Submarket BUILDING Class B Office Ten n.v: Multiple Year Suil`. 1926; Renov 2012 RBA: 96,978 SF .Floors: 14 Typical Fig' or 5,513 SF AVAILABILITY Max .cage 794 SF 58,338 SF 60,344 SF $522.00 - $26.00/FS EXPENSES PER SF $2.14 (2016) ..................... $7.52 (2014) SPACES Floor Suite Use Type P 2nd 202 Office New P 2nd 201 Office New P 3rd 302 Office New P 3rd 301 Office New P 4th 401 Office New P 4th 403 Office New P 4th 404 Office New P 5th 502 Office New P 5th 501 Office New P 6th 602 Office New P 6th 601 Office New P 8th 801 Office New P 9th 901 Office New P 10th 1001 Office New P 11th 1101 Office New P 12th 1201 Office New SALE SF Avail Fir Contig Bldg Contig 5,242 6,244 58.338 1,002 6,244 58,338 5,092 6,068 58,338 976 6,068 58.338 1,635 1,635 58,338 1,212 1,212 1,212 794 794 794 5,147 6,159 58,338 1,012 6,159 58,338 5,131 6,143 58,338 1,012 6,143 58.338 5,983 5,983 58,338 6,400 6,400 58,338 6,455 6,455 58,338 6,630 6,630 58,338 ........... 6,621 6.621 58,338 Rent Occupancy Term $22.00/FS Vacant 3 - 5 Yrs $22.00/FS Vacant 3 - 5 Yrs $22.00/FS Vacant 3 - 5 Yrs $22.001FS Vacant 3 - 5 Yrs $26.00/FS Vacant 3 - 5 Yrs $26.00/FS 30 Days 3 - 5 Yrs $26.00/FS 30 Days 3 - 5 Yrs $22.00/FS Vacant 3 - 5 Yrs $22.001FS Vacant 3 - 5 Yrs 522.00/FS Vacant 3 - 5 Yrs 522.001FS Vacant 3 - 5 Yrs $22.00/FS Vacant 3 - 5 Yrs $22.00/FS Vacant 3 - 5 Yrs $22.00/FS Vacant 3 - 5 Yrs $22.001FS Vacant 3 - 5 Yrs $22.00/FS Vacant 3 - 5 Yrs f..,t rat Sold on Jun 30, 2017for $2,500,000 ($51.56/SF) Copyrighted report licensed to Crty of Miami Dept. of Real Estate & Asset Mgmt. - 382728. 1/29/2018 Alt tof Costar- Page 6 Lease Availability Report 33 SW 2nd Ave - 33 Downtown Miami, FL 33130 - Downtown Miami Submarket AMENITIES Bus Line. Controlled Access, Metro/Subway. Property Manager on Site TRANSPORTATION ..APiikk Scare < Walker's Paradise (96) Transit Scarf ,,.. Rider's Paradise (100) KEY TENANTS YTECH International Confesa USA, LLC W Tech Intl 6.046 SF 33 Downtown 3,000 SF 3,000 SF State Farm Insurance 2,437 SF 1,200 SF Ytech international 1,200 SF Copyrighted report licensed to City of Miami Dept. of Real Estate & Asset Mgmt. - 382728. 1 /29/2018 ►�i C°Star Page 7 Lease Availability Report 44 W Flagler St - Courthouse Tower * **** Miami, FL 33130 - Downtown Miami Submarket BUILDING Class B Office Tenancy: Multiple Year Built. 1974; Renov 2010 RBA: 164,771 SF Floors 26 Typical Floc 6,275 SF AVAILABILITY DivisL le Max Contig. Total Avaitabe Asking Rent 400 SF 6,749 SF 46,552 SF $S31.50 - $36.00/FS EXPENSES PER SF Total Expenses $10.42 (2016) SPACES Floor Suite Use Type E 3rd 300 Office Relet P 6th 650 Office Relet P 6th 600 Office Relet P 7th 700 Office Relet P 7th 750 Office Sublet P 9th 950 Office Relet P 10th 1050 Office Relet P 14th 1450 Office Relet E 16th 1600 Office Relet E 18th 1800 Office Relet P PENT 2600 Office Relet SALE SF Avail Fir Contig Bldg Contig 6,549 6,549 6.549 2,795 2.795 2.795 3,571 3,571 3.571 3,310 3,310 3.310 400 400 400 4,335 4.335 4.335 2,965 2,965 5.930 2,440 2,440 2,440 6,706 6.706 6,706 6,732 6,732 6,732 6,749 6,749 6.749 Rent Occupancy Term 531.50/FS Vacant Negotiable 532.00/FS Vacant Negotiable 532.00/FS Vacant Negotiable S33.00/FS Vacant Negotiable S36.00/FS Vacant Thru Sep 2022 S32.001FS Vacant Negotiable S33.00/FS 30 Days Negotiable 533.001FS Vacant Negotiable S32.00/FS Vacant Negotiable 534.00/FS Vacant Negotiable S34.O0IFS Aug 2018 Negotiable Sold on Mar 2, 2016 for S27,500,000 (S166.90/SF) at 4.00% Cap AMENITIES 24 Hour Availability, Banking, Central Employment Area, Controlled Access, Fitness Center, Mail Room, Property Manager on Site. Security System, Storage Space, Storage Units Copyrighted report licensed to City of Miami Dept. of Real Estate & Asset Mgmt. - 382728. 1 /29/2018 j CoStar Page 10 Lease Availability Report 44 W Flagler St - Courthouse Tower Miami, FL 33130 - Downtown Miami Submarket TRANSPORTATION Ratio of 0.00/1,000 SF Transit^Subway. 2 minute walk to Miami Avenue Transit Stop (Metromover Downtown Loop) Commuter Rail. 10 minute drive to Hialeah Market Commuter Rail (Tri-County Commuter) Airport: 23 minute drive to Miami International Airport Walk Score Walker's Paradise (99) Transit Score Rider's Paradise (100) KEY TENANTS Liebler, Gonzalez & Portuondo Florida Mediation Group, Inc. Roig Lawyers 14,875 SF 6,917 SF 6,250 SF Angones McClure & Garcia Sabadell United Bank NA City Year Inc. 6,938 SF 6,900 SF 6,000 SF Copyrighted report licensed to City of Miami Dept. of Real Estate & Asset Mgmt. - 382728. 1/29/2018 tv; CoStar Page 11 Lease Availability Report 28 W Flagler St - Courthouse Plaza * * * * * Miami, FL 33130 - Downtown Miami Submarket BUILDING Class B Office Tenancy: Multiple Year Built: 1968 RBA 74,820 SF Floors 13 Typical Floor 5,700 SF AVAILABILITY Min Divisible 95 SF Max Contig: 3,590 SF Total Available: 14,531 SF Asking Rent $$16.00 - $63.16/FS EXPENSES PER SF Taxes: $1.63 (2016) Opex: $5.65 (2009) SPACES Floor Suite Use Type P lst 100 Office Relet P 4th 405/40e Office Relet P 4th 450 Office Relet P 7th 708 Office Relet P 7th 701 Office Relet P 9th 902 Office Relet P 9th 909 Office Relet P 9th 908 Office Relet P 12th 1200C Office Relet SALE SF Avail Fir Contig Bldg Contig 3,590 3,590 3.590 1,772 1,772 1,772 650 650 650 543 543 543 155 155 155 1,600 1.600 1,600 120 120 120 95 95 95 1,900 1,900 1,900 Rent Occupancy Term 516.00/FS Vacant Negotiable 516.00/FS Vacant Negotiable 516.00/FS Vacant Negotiable 516.00/FS Vacant Negotiable 530.97/FS Vacant Negotiable 516.00/FS 30 Days Negotiable 550.00IFS 30 Days Negotiable $63.16/FS 30 Days Negotiable $17.50/FS 30 Days Negotiable Last Salo Sold on Dec 1, 2010 for $2,800.000 ($37.42/SF) AMENITIES Bus Line, Commuter Rail, Controlled Access, Metro/Subway, Property Manager on Site, Restaurant TRANSPORTATION Parkin. Ratio of 2.00/1,000 SF Walk Score u;. Walker's Paradise (99) Transit Score '; Rider's Paradise (100) Copyrighted report licensed to City of Miami Dept. of Real Estate & Asset Mgmt. - 382728. 4116 ►4 CoStar 1/29/2018 Page 8 Lease Availability Report 28 W Flagler St - Courthouse Plaza Miami, FL 33130 - Downtown Miami Submarket KEY TENANTS Cathodic Legal Services. Archdiocese of Miami, Inc Ouellette & Mauldin Gary S. Glasser, PA. 5,700 SF 2.594 SF 1,900 SF Bryant Law Firm Warren Gammill & Associates. P.L. Jeannie Reporting 3,800 SF 2,003 SF 1,900 5F Copyrighted report licensed to City of Miami Dept. of Real Estate & Asset Mgmt. - 382728. 1129/2018 44hti; CoStar ` Page 9 Lease Availability Report 14 NE 1st Ave - One Flagler Miami, FL 33132 - Downtown Miami Submarket SPACES Floor Use Type P 2nd Office Relet SF Avail Fir Contig Bldg Contig 1,000 - 10,813 10,813 10,813 BUILDING Type: Class B Office Co... Tenancy: Multiple Year Built: 1952 RBA: 147,100 SF Floc:::, 15 T',ip cai Roof: 11,000 SF AVAILABILITY MniDivisb€e: 1 <ax Contig: Total Avabie: A;7king Ebert: 112 SF 11,091 SF 55,679 SF $25.001FS EXPENSES PER SF Tex; s $5.77 (2018) Rent Occupancy $25.00/FS Vacant Term 1 - 5 Yrs Lasz;,:; Condo Unit 1101 Sold on Oct 28, 2016 for 5545,000 (S733.51ISF) AMENITIES 24 Hour Availability, Air Conditioning, Banking, Bus Line, Concierge, On Site Management TRANSPORTATION Parking: Covered Spaces @ $100.001mo; Ratio of 0.00/1,000 SF Transi' Subwvayr 3 minute walk to Miami Avenue Transit Stop (Metromover Downtown Loop) Commuter Rsi! 11 minute drive to Hialeah Market Commuter Rail (Tri-County Commuter) ............................ Airport: Wok co Walker's Paradise (100) Transit: Score, Rider's Paradise (100) KEY TENANTS 24 minute drive to Miami International Airport Ideal Personnel Services Immigrate USA Grand Estate Realty LLC 4,000 SF 3.518 SF 3,000 SF Tenhagen, Joseph W Gemstones Inc Benchmark Realty Klouros Armandeh 3,600 SF 3,000 SF 3,000 SF Copyrighted report licensed to City of Miami Dept. of Real Estate & Asset Mgmt. - 382728. 112g72018 %kw. Page CnStar . Lease Availability Report 200 SE 1st St - 200 Building Miami, FL 33131 - Downtown Miami Submarket BUILDING Tf; a Class B Office Tenancy: Multiple Year Built: 1970; Renov 1998 RBA: 141,687 SF Floors: 12 Typical Floor: 11,807 SF Core F: 15° AVAILABILITY Min Dmss~Ie 129 SF Max Contig. 3,814 SF Total Available: 21,306 SF Asking Rent $$28.00 - $34.00/FS EXPENSES PER SF Total Expenses: $10.00 (2016-Est) SPACES Floor Suite Use Type P 3rd 305 Office Relet P 3rd 301 Office Relet P 4th 402 Office Relet P 4th 401 Office Relet P 4th 404 Office Relet P 5th 503 Office Relet P 5th 504 Office Relet P 6th 600 Office Reiet P 6th 601 B Office Reiet P 7th 705 Office Reiet SALE SF Avail Fir Contig Bldg Contig Rent Occupancy Term 1,276 1,276 1.276 $30.00 - 34.00/FS Vacant Negotiable 129 129 129 $28.00 - 32.00/FS Vacant Negotiable 3,224 3,224 3,224 $30.00 - 34.00/FS Vacant 3 - 10 Yrs 134 134 134 $30.00 - 34.00/FS Vacant Negotiable 3,495 3,495 3,495 $28.00 - 32.00/FS Vacant 3 - 10 Yrs 2,354 2,354 2,354 $28.00 - 32.00/FS Vacant 3 - 10 Yrs 908 908 908 $28.00 - 32.00/FS Vacant 3 - 10 Yrs 1,520 1,520 1,520 $30.00 - 34,00/FS Vacant 3 - 10 Yrs 3,814 3,814 3,814 $28.00 - 32.00/FS Vacant 3 - 10 Yrs 3,202 3,202 3,202 $30 00 - 34,00/FS Vacant 3 - 10 Yrs Last Sale Sold on Feb 11, 2016 for $33,850,000 ($238.91/SF) at 5.00% Cap AMENITIES Atrium, Banking, Bus Line, On Site Management, Property Manager an Site, Security System Copyrighted report licensed to City of Miami Dept. of Real Estate & Asset Mgrnt. - 382728. 1129/2018 # CoStar Page 2 Lease Availability Report 200 SE 1st St - 200 Building Miami, FL 33131 - Downtown Miami Submarket TRANSPORTATION 2O0 Covered Spaces @ $163.001mo; Ratio of 3.00/1,000 SF Transit/Subway; 3 minute walk to First Street Transit Stop (Metromover Brickell Loop, Metromover Downtown Loop, Metromover Omni Loop) Commuter Ra[l 11 minute drive to Hialeah Market Commuter Rail (Tri-County Commuter) Airport- 24 minute drive to Miami International Airport Walk Score `: Walker's Paradise (99) Transit Score : Rider's Paradise (100) KEY TENANTS Levei3 24,508 SF National Parkinson Foundation 12,397 SF Ocean Bank 12,254 SF R J Reynolds Tobacco Co 7,632 SF Cogent Communications 5,368 SF On The Map, Inc 3,939 SF Copyrighted report Iicensed to City of Miami Dept. of Real Estate &Asset Mgrnt. - 382728. 1129/2318 41114 %of COStar Page 3 Lease Availability Report 150 SE 2nd Ave - Chase Bank Building Miami, FL 33131 - Downtown Miami Submarket BUILDING Tenancy' Year BL.- RBA Floors: Typ+cal Roo' Coro Factor AVAILABILITY Class B Office Co... Multiple 1965; Renov 1996 140,000 SF 14 9,990 SF 19% Min Divis ,'45 Max Cont.3;. Total Avaitabte: Asking Rent: 90 SF 3,394 SF 30,711 SF $525.00 - $38.4OIFS EXPENSES PER SF Taxes: (.apex. SPACES $4.41 (2016) $7.30 (2014) Floor Suite Use P 4th 401 Office P 4th 402 Office P 5th 503 Office P 9th 901 Office P 10th 1003 Office P 10lh 1005 Office P 14th 1409 Office P 14th 1411 Office P 14th Office P 14th 1404 + Office P 14th 1410 Office P PENT PH-5 Office SALE Type Relet Relet Relet Relet Relet Relet Relet Relet Relet Relet Relet Relet SF Avail 2,909 2,743 843 1,640 439 555 683 1,390 687 1,448 1,524 1,213 Fir Contig 2,909 2,743 843 1,640 439 555 683 1,390 687 1,448 1,524 1,213 Bldg Contig 2,909 2,743 843 1,640 439 555 683 1,390 687 1,448 1,524 1,213 Rent $26.00IFS $25.00/FS 531.00/FS $31.001FS 531.00IFS 531.00IFS S31.001FS $31,001FS 531.001FS $38.001FS $31.001FS 538.001FS Occupancy 30 Days 30 Days 30 Days Vacant Vacant Vacant Vacant Vacant Vacant Vacant Vacant 30 Days Term 1 - 5 Yrs 1 - 5 Yrs 1 - 5 Yrs 3 - 5 Yrs Negotiable Negotiable 1 - 5 Yrs 1 - 5 Yrs 1 - 5 Yrs Negotiable Negotiable Negotiable Condo Unit 906 Sold on Jul 26, 2017 AMENITIES Banking, Bus Line, Metro/Subway. On Site Management, Security System Copyrighted report licensed to City of Miami Dept. of Real Estate & Asset Mgmt. • 382728. 1 /29/2018 j COStar Page 4 Lease Availability Report 150 SE 2nd Ave - Chase Bank Building Miami, FL 33131 - Downtown Miami Submarket TRANSPORTATION 590 Covered Spaces are available; Ratio of 1.20/1,000 SF Transit/Subway: 3 minute walk to Knight Center Transit Stop (Metromover Brickell Loop, Metromover Downtown Loop, Metromover Omni Loop) Commuter tail; 10 minute drive to Hialeah Market Commuter Rail (Tri-County Commuter) Airport 24 minute drive to Miami International Airport Walk Scare • Walker's Paradise (99) Transit Score Rider's Paradise (100) KEY TENANTS Hamilton & Miller PA Next Workspaces Integra Real Estate, LLC 12,120 SF 6,800 SF 3,000 SF Chase Bank BH Investment Group Tache Bronis 7,500 SF 3,000 SF 3,000 SF Copyrnghted report licensed to City of Miami Dept. of Real Estate & Asset Mgmt, - 382728. 1/29/2018 %of CoStar Page 5