DORAL, FL-In a deal that marks the largest new office lease in Miami this year, Amadeus, a Miami-based technology provider to the travel industry, has leased about 105,000 square feet of space at One Park Square. The announcement comes at the heels of news that New Boston Fund acquired controlling interest in the new 281,623-square-foot, 11-story, class A office building in the Airport West market.
Tere Blanca, president and CEO, and Danet Linares, executive vice president of Miami-based Blanca Commercial Real Estate, along with Darryl Robinson of Oak Hill Advisors, represented New Boston Fund. Studley Senior Vice President Bruce Schuman and Corporate Managing Director Tom Capocefalo represented Amadeus. Specific terms of the deal were not disclosed, but Blanca says negotiations were underway for months before New Boston Fund inked its deal with Shoma Development to recapitalize the asset.
“This deal is a terrific testament to the Miami market and the Airport West market,” Blanca tells GlobeSt.com. “Amadeus could have relocated its North American headquarters anywhere, but they chose to remain in the Airport West market long-term. This deal speaks to the attributes Miami offers multinational companies in a variety of industries.”
One Park Square is the commercial centerpiece of Park Square at Doral, a 51-acre mixed-use development with a master plan includes office, retail, hotel, and multifamily residential properties. Located at 3470 NW 82nd Avenue, One Park Square offers fast access to Miami’s international airport and major thoroughfares. The LEED-certified building also offers an exercise facility and covered parking.
Capocefalo tells GlobeSt.com that Amadeus considered a build-to-suit or a lead tenant opportunity in a new building—as well as several other possible existing buildings in the Miami market—before settling on One Park Square for its North American headquarters. One Park Square is down the street from Amadeus’ current location.
“Amadeus believes the restaurants, banks, coffee shops, and residential properties will eventually be built on this 51-acre site and those amenities are attractive for employee retention,” Capocefalo says. “This is a long-term opportunity that offers operational efficiencies in a prestigious building. Although there were early discussions about leaving Miami, Amadeus came to the conclusion that One Park Square was the best location for them.”
Amadeus is the second company to decide to stay in Miami in recent weeks. Blanca also partnered on a lease deal for Discovery Networks Latin American/U.S. Hispanic headquarters. The company had considered moving to Latin America, or a location outside of Florida. In September, Discovery instead decided to extend its lease for nearly eight years after the Beacon Council offered the company a $2 million incentive from Florida’s Quick Action Closing Fund.
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