CORAL GABLES, FL-Hispasat of Madrid is leasing 10,000 sf of high-tech space in the 350,000-sf LightSpeed Miracle Center on Coral Way where it plans to expand its North American telecommunications and broadcasting presence.

An affiliate of Hollywood, FL-based Swerdlow Real Estate Group Inc., headed by Michael Swerdlow, operates LightSpeed Miracle Center and two similar properties in the Miami-Dade airport/west submarket and in Hollywood.

Although terms of the deal were not announced, a Swerdlow spokesperson tells that Hispasat has a long-term contract of over 10 years.

Area brokers tell on condition of anonymity the estimated value of the lease is $2.5 million or about $25 per sf.

Founded in 1989, the Spanish company operates the orbital position of 30-degrees west, which enables the satellite system to offer services to customers in Spain, Portugal, Latin America and the United States.

The expansion follows the announcement in August that Paris, France-based Eutelsat entered into a strategic partnership with Hispasat.

Besides Eutelsat, other private shareholders include Auna Group, Telefonica Media and BBVA. Prior to the Eutelsat deal, all private shareholders owned about 71.54% of Hispasat, with Spanish government agencies owning about 28.46%.

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