(Crystal Proenza is associate editor of RealEstateFlorida.)

|

MIAMI-The Miami Herald Publishing Co. is looking for officetenants to lease 50,000 sf at its headquarters, One Herald Plaza.The availability comes almost three months after the newspaper wasrumored to be cutting 250 employees from its staff.

|

The newspaper, which owns the 750,000-sf building, has assignedCoral Gables-based Continental Real Estate Cos. to lease out thespace on the building's sixth floor. Steven Hurwitz, senior vicepresident with CREC, says the Herald is consolidating some of itsoperations and no longer needs the executive-grade space, though itwill continue to occupy the remainder of the building.

|

"It's a unique opportunity [for a tenant] because of the type ofspace meant for a large user that one usually finds in the WestDade area," says Hurwitz. This property is located in the BiscayneCorridor with views of Biscayne Bay, he adds.

|

The building is meant for a tenant that could take advantage ofthe 24-hour facility, such as a back-office operation, a callcenter or public agency, says Hurwitz. The building also featuresan on-site cafeteria, around-the-clock security and redundant powersources, and also offers signage opportunities. The large space,which is being quoted at $32 per sf full service, is also divisibledown to 10,000 or 15,000 sf spaces, according to CREC.

|

On June 16, Herald owner McClatchy Co. announced that it wouldcut 10% of its employees nationwide in order to restructure due toa difficult advertising market. Herald facilities executives werenot available to comment Wednesday.

|

Alan Kleber, senior director with Cushman & Wakefield inMiami, says the Herald space is coming online at a time when a lotof office product is entering the market in that area, includingthe Omni Center, set to deliver 408,000 sf of class A office spaceon Feb. 1, 2009. That building has already signed tenants includingthe Chamber of Commerce and the US Department of State's PassportAgency, and is actively marketing another 250,000 sf.

|

Omni Center's asking rent is $36 per sf full service pluselectricity, says Richard Bamonte, director of leasing withC&W. Hurwitz says One Herald Plaza is a lower cost-alternativeto such new projects.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.