MIAMI-Mayfair in the Grove just inked one of the largest leases in Coconut Grove in the past several years. The building has closed on a lease renewal for advertising agency Crispin Porter + Bogusky. The lease spans 69,685 square feet—the entire third floor—for an 11-year term.
CB Richard Ellis brokers Noel Steinfeld and Chris Dekker represented the landlord, Whalou Properties. Walter Byrd of Transwestern represented the tenant. Whalou Properties acquired the property in late 2010.
“The Grove has pockets of activity and then it has waves of activity,” Dekker, a senior associate at CBRE, tells GlobeSt.com. “Right now the market is sitting at about 22% availability. And there’s lots of space yet to come online that hasn’t hit the vacancy books.”
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