Not including negotiated concessions, GlobeSt.com estimates the total value of the lease at about $4.1 million at roughly $7 per sf on a 10 year-lease, using Cushman & Wakefield's most recent industry market survey. The survey on the Miami submarket for the fourth quarter ended Dec. 31 showed an estimated vacancy rate of 6.9% and net year-to-date absorption of 141,395 sf.
Ron Berger, a Trammell Crow vice president who represented the owner in the negotiations, could not confirm those estimates. He says, however, "the biomedical industry is on fire in the metropolitan Miami area as far as growth and expansion goes."
Although he couldn't provide specifics, Berger says the Cordis subsidiary is making a considerable investment in its research-and-development and warehouse-distribution activities at the site.
"You can see by the amount of work being done in there that anyone would say it's significant," he says.
Diana Parker, a broker with Cushman & Wakefield of Florida Inc., represented Cordis.
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