COCONUT GROVE, FL-As the transformation of the Mayfair in the Grove here nears completion, the project has signed Swerdlow Real Estate Group on as a long-term tenant, and the first tenant, Crispin Porter + Bogusky, has moved into its 42,000-sf space. The two tenants make the project almost 40% leased.

Mayfair in the Grove was formerly called The Streets of Mayfair. The renovation project involves converting the two upper floors of retail space into class A office space, featuring a private, first-floor lobby. All of the retail shops, restaurants and clubs at the renowned development are relocating to the street level.

The total project size is 240,000 sf, which includes 120,000 sf of new office space and 120,000 sf of retail space. The project, bounded by Grand Avenue, Florida Avenue and Mary Street, includes 937 spaces of office parking.The renovation cost more than $6 million. Lease rates are $25 to $30 per sf, full service.

Crispin Porter + Bogusky signed a 10-year lease at Mayfair in the Grove. The high-profile advertising agency has been responsible for such campaigns as the Truth Anti Tobacco Campaign and the Virgin Atlantic Airways campaign. The company recently moved into the new office, after a build-out of its loft-style space.

“The Grove’s mixed-use environment and the ability to design a thoroughly cutting-edge environment made the decision to move to Mayfair in the Grove a no-brainer,” says Eric Lear, the company’s chief financial officer. “As a creative ad agency, being able to customize this space to fit our style was ultimately very important.”

In addition, Swerdlow Real Estate Group is relocating its Florida headquarters to Mayfair in the Grove from Hollywood, FL. Swerdlow, which developed such projects as Dolphin Mall, Biscayne Landing, Oakwood Plaza and Las Olas Riverfront, also inked a 10-year deal for 6,300 sf of space.

The build-out of that space is expected to take about 90 days, and the company anticipates moving there immediately after it’s finished, according to Richard Swerdlow of Swerdlow Real Estate Group. The space will include offices, meeting rooms, an employee exercise area and floor-to-ceiling windows with views of the courtyard promenade and Grand Avenue.

“The urban feel of an office environment at Mayfair in the Grove both intrigued us and appealed to us,” said Swerdlow. “The location will provide close proximity to downtown and Coral Gables, and the lifestyle of a walking environment makes Mayfair an exciting address for our business and our executives.”

Carol Greenberg Brooks, a principal in Continental Real Estate Cos., says the firm quickly determined that office space in this project would appeal to companies. “When the owners asked us to consider alternative uses for this property, we researched the office space situation in the Grove and quickly determined that by adding some class A office space, the Mayfair could become a world-class mixed-use project,” she explains.

The project’s architect is Gail Byron Baldwin Architect Inc.; the general contractor is TRIGRAM Construction Inc.; and construction management and leasing is being handled by Continental Real Estate Cos. All three firms are based in Miami.

Steven Hurwitz and Mark Goldstein were the brokers in both leasing deals, representing Continental Real Estate Cos. for the project’s owner, New York-based DRA Advisors Inc. Crispin Porter + Bogusky was repped by Walter Byrd, Ben Eisenberg and Graham Ehrich of Cushman and Wakefield.

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