CBRE Facilitates 45 KSF Coworking Lease in Miami
Senior Vice President Zach Wendelin and Senior Associate Will Portfolio worked on behalf of the new tenant in arranging the lease at Sabadell Financial Center.
Sabadell Financial Center
CBRE has represented Industrious, a flexible workspace provider, in the 45,000-square-foot lease at Sabadell Financial Center, a 539,000-square-foot office building in Miami. Senior Vice President Zach Wendelin and Senior Associate Will Portfolio facilitated the deal.
The new location will be known as Industrious Miami – Brickell and will offer both coworking and private office spaces, with a slated completion date set for the first quarter of 2020. John Guitar and Phil Marchese of Blanca Commercial Real Estate worked on behalf of the new ownership. Parkway Property Investments and KKR purchased the asset—also known as 1111 Brickell—last year.
Located at 1111 Brickell Ave., the 30-story building was constructed in 2000, underwent a cosmetic renovation in 2014 and is LEED Gold certified, Yardi Matrix shows. Amenities include a 26,000-square-foot rooftop terrace, conference facilities, on-site management services and a fitness center. Sabadell Financial Center also features 8,000 square feet of retail space.
With easy access from 12th Street and Brickell Bay Drive, the asset is within walking distance of several entertainment, restaurant and hospitality options. The multi-tenant roster includes local offices of Barclays, Newmark Knight Frank, Guggenheim Partners and Morgan Stanley, according to the same data provider.
“We have amassed a large national network comprising thousands of members across 35 U.S. cities and our expansion into Miami reflects the demand of our existing clientele,” said Doug Feinberg, senior real estate manager of Industrious, in prepared remarks.
Image courtesy of CBRE
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