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CORAL GABLES, FL-Restaurant Services Inc., the locally based purchasing cooperative for Burger King restaurant owners, has renewed its lease for 22,000 sf in Alhambra Plaza. It will relocate to consolidated space and occupy the full fifth floor of the 226,000-sf class A building.

The aggregate value of the lease is just under $7.3 million, Bob Orban, SVP of brokerage in the Miami office of Trammell Crow Co., tells GlobeSt.com. RSI had expanded its operations into space spread over two floors of the building, he says, when it engaged TCC to explore alternatives that would allow it to “consolidate on a single floor, remain in a class A property and satisfy parking requirements while minimizing out-of-pocket expenses.”

Orban and Carter Hopkins Jr., VP of TCC corporate advisory services, “looked at the entire suburban Miami-Dade office market as well as Coral Gables,” Orban says. “A restructuring in this building turned out to be the best solution. There was some term left on a portion of its existing lease, so we truncated the whole thing and started a new deal. The building meets all their needs, and they incurred no out-of-pocket TIs.”

Orban and Hopkins also secured temporary space for RSI during construction along with rights to additional space on an adjacent floor for future expansion. It will take occupancy of the fifth floor in 2006. Of the deal, RSI’s CFO, Steve Pattison, says in a statement, “we have solidified a favorable occupancy cost structure for the next 10 years with no up-front costs to our firm.”

The building owner is Forth Worth, TX-based Crescent Real Estate Equities Co. Eric Siegrist of Crescent’s Miami office, represented it in the RSI negotiations.

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