(Crystal Proenza is associate editor of Real Estate Florida.)
MIAMI LAKES, FL-The Graham Cos. has delivered the latest office building to this master planned community that was originally developed by the firm more than 43 years ago. Fort Lauderdale-based Miller Construction Co. completed construction on the $8 million, 66,000-square-foot building located at 7900 Oak Lane in the Governors Square section of Miami Lakes Business Park West. Coral Gables-based architect Theodore Roux designed the building.
The four-story class A office, dubbed the LeRoy Collins building, is part of a now three-building office park developed by the Graham Cos. According to the latest CB Richard Ellis market report, it was the only space under construction at the end of the third quarter. The Graham Cos. still has another 50 acres that can be developed in the region, says Steve Style, VP of marketing. In total the firm owns over one million square feet of office product in Miami Lakes.
"In all of our properties, the largest contiguous vacant space we had available was about 10,000 square feet," says Style. "We wanted to offer a bigger space and have that flexibility for existing and potential tenants."
Average leasing rates at the buildings range from $18 to $20 per square foot triple net. No leases have been signed at the speculative building, says Style, and the other two buildings on the site, built in 1986 and 1989, are approximately 33% vacant. The developer of Miami Lakes is not concerned, says Cushman & Wakefield's Diana Parker, who is representing the office park on behalf of the Graham Cos.
"We are confident that we'll be celebrating success next year," she tells GlobeSt.com. "Tenants today like knowing who their landlord is going to be throughout their lease term. The developer is and has been invested long term, and as a business community Miami Lakes has proven successful."
Miami Lakes, which originated as a dairy farm created by the Graham family, is one of the youngest incorporated cities in Miami-Dade County, and sits halfway between Miami and Palm Beach as the southern anchor to Interstate 75. As 2009 unfolds, Parker says there will be a move by companies located in Downtown Miami back into the suburban western corridor, closer to an employee and client base.
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