X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.