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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.

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