Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MIRAMAR, FL-MetLife has broken ground on Miramar Centre III, a 100,000-sf third office building in Miramar Corporate Park just off Interstate 75 at Miramar Parkway West and Dykes Road. It acquired Miramar Centre I along with a six-acre parcel in the park in June 2004 for $19.9 million, according to a GlobeSt.com report at the time. A Santa Barbara, CA-based investment fund owns Miramar Centre II.

Miramar Centre III is designed as a “mirror” of the initial MetLife acquisition here. Glenn Becker, associate director of MetLife’s Florida regional office in Tampa, tells GlobeSt.com, “the base building construction cost is $55 per sf,” taking it to $5.5 million. The asking rental rate, he says, is $18 per sf triple net. Preleasing is assigned to the Coral Gables office of Atlanta-based Taylor & Mathis of Florida, and Allison Adler is heading the effort. Bill Miller, director of MetLife, says completion of the new building is scheduled for mid-2006.

Miramar Centre I is 100% leased, according to Becker. Among the tenants are Humana and Mattel Latin America. This southwest Broward County submarket has one of the lowest vacancy rates in the county, according to a second-quarter report from the Fort Lauderdale office of CB Richard Ellis. According to the report, the overall vacancy in the county is 7.5%, and the asking rate for class A office space in the Miramar area stood at $17.95 per sf at mid-year.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.