MIAMI—Lennar Corporation is renewing its commitment to Miami—and specifically the Airport West submarket—with one of South Florida’s largest office leases this year. Lennar just inked a 120,000-square-foot lease with Colony Realty Partners in a deal that shows Downtown Miami and Coral Gables aren't the only office games in town.

Lennar Corporation and its subsidiary, Rialto, renewed and expanded its anchor tenancy at Miami’s Lennar Corporate Center office park. The long-term lease, which includes office space at 700, 730 and 790 NW 107 Avenue, brings the building’s occupancy rate to 93%. The building is outperforming the Airport West submarket’s average class B vacancy rate of 24% in the wake of a flight to quality.

CREC principal David Moret and vice president Douglas Okun represented Colony Realty Partners in the transaction. Patrick M. Duffy and Jon Bourbeau of Newmark Knight Frank represented Lennar Corporation and Rialto. The deal gives Lennar an additional 30,000 square feet.

“Cost-effective office space still has its place in this market,” Okun tells GlobeSt.com. “As one of Miami-Dade County’s largest office users, Lennar Corporation had an opportunity to relocate its global headquarters to any number of properties, instead choosing to expand at Lennar Corporate Center."

Lennar Corporate Center is located at the intersection of 107th Avenue and the 836 Expressway, offering direct access to Miami’s major thoroughfares, the region’s growing residential communities, and Miami International Airport. The 285,000-square-foot complex is among the few business parks that offer gated security in the Airport West market. Current tenants include General Electric, Komatsu, Maersk, and Liberty Mutual Insurance.

“The location is a significant advantage for tenants with employees commuting to Airport West submarket,” Okun says. “The extra few miles to get to Waterford or Doral can be a challenge on a daily basis for employees. This location saves a significant amount of time and stress on the company’s employee base.”