Months after Amazon signed, at the time, Wynwood, Miami's largest office deal on record — the e-commerce giant has decided it needs even more space.
The firm is now under contract for more than 75,000 square feet at the Wynwood Plaza mixed-use development, up by about 25,000 square feet of space it originally agreed to.
The 12-story tower project, which is near completion, offers a total of 266,000 square feet of Class AAA space. Some planned perks include private tenant terraces, column-free layouts, floor-to-ceiling windows, a fitness center, conference rooms, a golf simulator and an amenity hub on the second floor. Also, the site will include 25,000 square feet of outdoor and indoor retail space, which adds to the city's appeal that's already known for its shopping, dining and nightlife environment. More than half of the tower has already been locked into leases.
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Additionally, part of the development includes a luxury apartment community, Wynwood Plaza Residences, which started welcoming tenants in early June and features 509 units.
L&L Holding Company and Oak Row Equities are the co-developers of Wynwood Plaza. Project partner Shorenstein Investment Advisers and co-investor Claure Group are also involved with the development.
“Wynwood Plaza has already established a new benchmark for quality, workplace design and tenant experience in the South Florida market,” L&L Holding Vice President Bryan Lapidus, said in a statement.
“This building has redefined the Class AAA office category in the region, and this leasing momentum further validates our vision to create a world-class workplace that seamlessly integrates into this dynamic neighborhood.”
The site at 95 NW 29th Street is located near I-95, which can get folks to the Miami International Airport and Miami Beach.
It's unclear when the office portion will be delivered, but L&L and Oak Row noted it's in the final stages of construction.
Savills represented Amazon, while Cushman & Wakefield acted on behalf of Wynwood Plaza, with some in-house help from L&L.
The awaited delivery comes as Miami's office sector is coming off a hot start to the year. In the first quarter, leasing activity surged to one million square feet, up 26.5 percent from the same three-month period a year ago, according to a report from Avison Young. Also, rents were up by 3.5 percent to $62.96 per square foot, while buildings are 71.9 percent as occupied as they were in February 2019, exceeding the national average of 61.5 percent.
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Anthony Russo
Anthony Russo has been contributing to GlobeSt. since July 2024. Along with CRE, his financial background expands to capital markets, the economy, and consumer issues. Previously, he has written for CapitalWatch and was a senior reporter for The US Sun.
