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MIAMI-It has taken Telefonica DataCorp less than six months to absorb 173,000 sf of new industrial-telecom space in the LightSpeed Miami Center and officially light a telecommunications network that now services South American businesses across an undersea cable.

The tenant is the the global telecommunications subsidiary of Madrid, Spain-based Telefonica S.A.

Industry sources tell GlobeSt.com Telefonica DataCorp agreed to a 15-year lease at about $13 per sf for a total value of about $34 million.

In comparison, Cushman & Wakefield Inc. reported in its most recent market survey that rents for high-tech industrial space in the airport/west submarket averaged about $7.63 per sf for the three months ended June 30.

Brokerage sources tell GlobeSt.com on condition of anonymity that Telefonica signed the long-term lease at higher-than-market rents because of the technologically advanced infrastructure that LightSpeed Infrastructure has invested into the 100-acre industrial park at State Road 836 and Florida’s Turnpike.

Lightspeed is an affiliate of Hollywood, FL-based Swerdlow Real Estate Group Inc. Swerdlow manages and operates the industrial-telecom park in partnership with an investment group led by Dallas-based Olympus Real Estate Corp.

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