Codina Erecting 82,000-SF Office Building for GSA at Beacon Station

Neither party would disclose construction or leasing numbers. But area brokers and construction industry estimators tell GlobeSt.com on condition of anonymity the three-story building northwest of Miami International Airport will probably have a hard construction cost of $150 per sf or $12.3 million.

The long-term lease will have an estimated value of at least $24.6 million based on an average base rent of $20 per sf, brokers tell GlobeSt.com

"That could turn out to be on the low side," a knowledgeable Miami industrial-office broker tells GlobeSt.com on condition of anonymity. "You could be looking at a $35 million or $45 million leasing package here."

Average asking rents in the Airport West submarket, where the 960-acre Beacon Station is located, are $15.04 per sf to $24.90 per sf, according to first-quarter research statistics from Codina Group.

GSA officials wouldn't say which agency will be occupying the building. Community speculation, however, points to the Immigration Department as the likely tenant, brokers in the Airport West submarket tell GlobeSt.com on condition of anonymity.

Flagler Development Co., a subsidiary of Florida East Coast Industries Inc. of St. Augustine, FL, owns Beacon Station. Codina Group works closely with Flagler in developing, marketing and constructing assets on the property.

Pedro J. "Pete" Garcia and Stuart Gordon of Codina Realty Services represented Codina Development in the leasing transaction. Codina Construction is the general contractor. The building is scheduled for completion in December and will house 240 government workers.