With the Gables' lease, the 163,818-sf tower at 225 N.E. Mizner Blvd. is about 90% occupied. The lease comes on the heels of 50,000 sf of fourth-quarter 2007 leasing activity in the building.
CB Richard Ellis senior vice president Mike Erickson, who represents the tower owner, tells GlobeSt.com that Gables is retrofitting the space for its September move-in. "We've been very successful in recent months with leasing activity in mixed-use environments," Erickson says.
Gables owns, develops and manages multifamily and mixed-use developments, focusing on Atlanta, Austin, Dallas/Fort Worth, Houston, South Florida, Southern California and metropolitan Washington, DC. "The company believes in mixed-use development and is currently developing several such projects in South Florida," Omar del Rio, Gables' regional vice president of investments, says in a press release. "It is only natural that we would have our local office in such an environment."
The seven-story Mizner Park Office Tower is one of two buildings in the Mizner Park development, which is owned by Chicago-based General Growth Properties. Constructed in 1991, the tower's rents range from $25 per sf to $28 per sf. The second building is the 104,108-sf, three-story Plaza Real Offices at 327 and 433 Plaza Real. Also constructed in 1991, its rents range from $20 per sf to $22 per sf. Erickson says the occupancy level of Plaza Real Offices also is about 90%.
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