Education Management Leases 100,000 SF at Omni Center

MIAMI-Educational Management Corp. of Pittsburgh, PA is leasing 100,000 sf for 15 years at an estimated aggregate rent of $30 million at the multi-building, 1.1 million-sf Omni Center, 1601 Biscayne Blvd. The lease is the largest Downtown office deal in the past 14 months, area brokers tell GlobeSt.com.

Representatives for New York-based, privately held Argent Ventures LLC, the operating partner of Omni, and Codina Realty Services Inc.-ONCOR International didn’t disclose the value of the lease or the Omni’s occupancy. But area brokers familiar with the Downtown submarket tell GlobeSt.com on condition of anonymity the rent at the 46-year-old property is at least $20 per sf.

Education Management recently purchased the International Fine Arts College of Miami which will be relocating this Fall from 1737 North Bayshore Drive. Education Management owns arts schools in 26 metro markets. The art institute will be in a five-story building that currently has no other tenants.