"What was a tenant-favorable market is now turning around," she says. Since she came on board in February 2004, she's leased more than 130,000 sf, she reports, including renewals, expansions and new tenants. In the most recent quarter, Linares leased up 58,000 sf. Citing a "surge in activity as many local and national companies look to this area as a first option," she adds, "we're confident this uptick will continue as the downtown Miami market continues to strengthen."
The building's 21,000 sf of retail space is currently undergoing a $1-million renovation. "We'll start marketing that next month," she says at rates of between $38 per sf and $45 per sf. "We'll target companies that offer services to our office tenants." A bank, food services and a hair salon are specific targets. The building is connected to the Hyatt Regency Miami, and there's a Marriott Courtyard on the block, which adds appeal for potential retail tenants, she suggests. The 47-story asset was designed by IM Pei and completed in 1987. It is situated above a 10-story parking garage owned by the city and contains an 11th-floor lobby and terrace, three restaurants, a health club and 150-seat auditorium in addition to the retail space. The building also connects to the Miami Convention Center and has its own Metro Rail Station.
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