Following extensive renovations, it is now relocating its Florida headquarters from 1601 Blue Lagoon Dr. to 19,467 sf in the four-story, 77,257-sf property. The four new tenants will occupy an aggregate of 22,586 sf. The rental rate is undisclosed. The overall average asking rental rate in the Airport West submarket is $19.92 per sf, according to a fourth-quarter 2004 report from the local office of CB Richard Ellis.
By the end of 2004, "Airport West Dade experienced the most leasing activity within Miami-Dade," says Randy Olen, CBRE SVP. The vacancy rate in the submarket dropped from more than 18% to 16%. Olen, Sim Wilson, first VP, and associate Sareska Alonso in CBRE's local office, partnered with Francis Pons and Javier Marquina of the company's Latin American office in marketing the property and negotiating all four new leases for Mapfre. Wilson says this partnering allowed Mapfre to work through its existing Spanish relationships and obtain local market expertise.
Coastal Construction Group inked the largest of the leases, taking the full 15,648-sf second floor. Bill Biondi of MK Real Estate Group represented Coastal. Home Wiz USA Inc. leased 4,219 sf on the first floor and was represented in house by Raul Orta. First Quality Mortgage joined Home Wiz on the first floor with a lease for 1,185 sf, and Miami Title Co. leased 1,534 sf on the building's fourth floor.
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