(Crystal Proenza is associate editor of Real EstateFlorida.)
MIAMI-The Miami Herald Publishing Co. is looking for office tenants to lease 50,000 sf at its headquarters, One Herald Plaza. The availability comes almost three months after the newspaper was rumored to be cutting 250 employees from its staff.
The newspaper, which owns the 750,000-sf building, has assigned Coral Gables-based Continental Real Estate Cos. to lease out the space on the building's sixth floor. Steven Hurwitz, senior vice president with CREC, says the Herald is consolidating some of its operations and no longer needs the executive-grade space, though it will continue to occupy the remainder of the building.
"It's a unique opportunity [for a tenant] because of the type of space meant for a large user that one usually finds in the West Dade area," says Hurwitz. This property is located in the Biscayne Corridor with views of Biscayne Bay, he adds.
The building is meant for a tenant that could take advantage of the 24-hour facility, such as a back-office operation, a call center or public agency, says Hurwitz. The building also features an on-site cafeteria, around-the-clock security and redundant power sources, and also offers signage opportunities. The large space, which is being quoted at $32 per sf full service, is also divisible down to 10,000 or 15,000 sf spaces, according to CREC.
On June 16, Herald owner McClatchy Co. announced that it would cut 10% of its employees nationwide in order to restructure due to a difficult advertising market. Herald facilities executives were not available to comment Wednesday.
Alan Kleber, senior director with Cushman & Wakefield in Miami, says the Herald space is coming online at a time when a lot of office product is entering the market in that area, including the Omni Center, set to deliver 408,000 sf of class A office space on Feb. 1, 2009. That building has already signed tenants including the Chamber of Commerce and the US Department of State's Passport Agency, and is actively marketing another 250,000 sf.
Omni Center's asking rent is $36 per sf full service plus electricity, says Richard Bamonte, director of leasing with C&W. Hurwitz says One Herald Plaza is a lower cost-alternative to such new projects.
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