Codina Erecting 82,000-SF Office Building for GSA at Beacon Station

MIAMI-In one of the largest unheralded office leasing deals of the year in South Florida, the federal General Services Administration will renting 82,000 sf for at least 15 years in a three-story building Coral Gables-based Codina Group is erecting and developing for the agency at Beacon Station, the largest business park in the tri-county area with a near-future capacity of nine million sf.

Neither party would disclose construction or leasing numbers. But area brokers and construction industry estimators tell GlobeSt.com on condition of anonymity the three-story building northwest of Miami International Airport will probably have a hard construction cost of $150 per sf or $12.3 million.

The long-term lease will have an estimated value of at least $24.6 million based on an average base rent of $20 per sf, brokers tell GlobeSt.com