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Starboard Cruise Services Relocates HQ in $9M Lease Deal

MIAMI-The company is taking 40,927 sf--the top floor--at the Doral Concourse here for 10 years and four months. The rate equals approximately $21.60 a sf.

By Melissa Bogdany | Updated on August 24, 2004

MIAMI-In a relocation of its corporate headquarters, Starboard Cruise Services Inc. has inked a $9.1-million lease for 40,927 sf at the Doral Concourse in the city. The 10-year, four-month office lease is with VEF Investors LLC, manager for property owner Doral Concourse One LLC. The price represents about $21.60 per sf.Starboard Cruise Services is taking the top floor of the building, located at 8400 N.W. 36th St. The company plans to relocate from Miami International Commerce Center in mid-December.The new location allows Starboard Cruise Services to stay in the Airport/West submarket, near the company’s warehouse and central to its employees’ residences, according to Bill Luciano, vice president of finance for Starboard Cruise Services.The transaction is one in a strengthening submarket. In fact, according to Cushman & Wakefield, leasing activity was 1.2 million sf at mid-year, and direct net absorption was a positive 420,483 sf–nearly twice that of mid-last year.”There has been substantial heightened leasing activity in the Airport/West Dade submarket,” according to Joseph A. Hill, vice president of VEF Advisors LLC. “This transaction signifies that trend.”Walter Byrd and Ben Eisenberg, senior directors of Cushman & Wakefield, represented Starboard Cruise Services in the transaction, and Cushman & Wakefield directors Diana Parker and Maggie Kurtz represented the property owners.

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