(Crystal Proenza is associate editor of Real EstateFlorida.)

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MIAMI LAKES, FL-The Graham Cos. has delivered the latest officebuilding to this master planned community that was originallydeveloped by the firm more than 43 years ago. Fort Lauderdale-basedMiller Construction Co. completed construction on the $8 million,66,000-square-foot building located at 7900 Oak Lane in theGovernors Square section of Miami Lakes Business Park West. CoralGables-based architect Theodore Roux designed the building.

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The four-story class A office, dubbed the LeRoy Collinsbuilding, is part of a now three-building office park developed bythe Graham Cos. According to the latest CB Richard Ellis marketreport, it was the only space under construction at the end of thethird quarter. The Graham Cos. still has another 50 acres that canbe developed in the region, says Steve Style, VP of marketing. Intotal the firm owns over one million square feet of office productin Miami Lakes.

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"In all of our properties, the largest contiguous vacant spacewe had available was about 10,000 square feet," says Style. "Wewanted to offer a bigger space and have that flexibility forexisting and potential tenants."

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Average leasing rates at the buildings range from $18 to $20 persquare foot triple net. No leases have been signed at thespeculative building, says Style, and the other two buildings onthe site, built in 1986 and 1989, are approximately 33% vacant. Thedeveloper of Miami Lakes is not concerned, says Cushman &Wakefield's Diana Parker, who is representing the office park onbehalf of the Graham Cos.

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"We are confident that we'll be celebrating success next year,"she tells GlobeSt.com. "Tenants today like knowing who theirlandlord is going to be throughout their lease term. The developeris and has been invested long term, and as a business communityMiami Lakes has proven successful."

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Miami Lakes, which originated as a dairy farm created by theGraham family, is one of the youngest incorporated cities inMiami-Dade County, and sits halfway between Miami and Palm Beach asthe southern anchor to Interstate 75. As 2009 unfolds, Parker saysthere will be a move by companies located in Downtown Miami backinto the suburban western corridor, closer to an employee andclient base.

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