(Crystal Proenza is associate editor of Real Estate Florida.)

MIAMI-Town Center One, a 210,000-sf class A office condo building, located on North Kendall Drive in the new Downtown Dadeland area, has topped off. The building is 52% sold and is on track for completion by May 2009, according to developer Dayco. Luis Lamar, president of the development company, says the estimated sell-out of the project is $100 million.

“The Dadeland area’s appeal has been a major selling point at Town Center One,” says Doris Myers, project manager. “Many areas of Miami-Dade are on the way to becoming what we already are—a true urban sub-market with every conceivable amenity, from mass transit (direct access to Metrorail), to shopping (across the street from Dadeland Mall) to multiple residential options ([1200] new units within strolling distance of Town Center One), all within a beautiful, walkable environment.”

The 24-story building will be anchored by BMI Cos., which has purchased two floors of space totaling 35,000 sf to relocate its world headquarters. Other owners include small business owners that live in the Dadeland area and a local private investor that has purchased a 17,370-sf floor to open for lease.

Town Center One has suite options starting at $399,000, with space available from 930 sf to full floors. “This is a huge bedroom community with a huge employee base where professionals are looking for an office close to home instead of driving Downtown,” says Lamar.

According to a Marcus & Millichap second-quarter report, 1.8 million sf of office condos were brought online in Miami-Dade County over the last 12 months, with more than 500,000 sf of for-sale space still being marketed, some as for-lease product. “Right now office condo market activity is very limited and the only real spots you’re seeing any activity is within the medical office sector,” says Alex Zylberglait, associate director of the national office and industrial properties group with Marcus & Millichap. “Even then, only under certain conditions that make sense for the buyers of the units, if they can even get financing. So much of this market was driven by the availability of capital which is now not as prevalent, and transaction activity has decreased significantly.”

Lamar says two floors of Town Center One are dedicated to medical users, and adds that Dayco is confident in the project because of the strong demographics around its location. “This is an evolving area that in the future will be very vibrant,” he tells GlobeSt.com. “There are 100,000 households within five miles of the property with an average annual income of $100,000. For that reason, value is likely to remain high and improve.”

Although many office condo projects have hit a rough patch this year and have turned into rentals, Dayco has seen success with two of its previous projects. The 55 Merrick building in Coral Gables was entirely sold in January and 1600 Ponce de Leon, also in Coral Gables, is 90% sold and will be completed on Oct. 10. Most of the owners at both of the buildings are local Coral Gables businesses that have purchased an average of 1,200 sf, says Lamar.

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