Ivy Making Moves With Miami Beach Office Buildings

The office buildings total 120,000 square feet and are 69% occupied.

MIAMI— Ivy Realty is betting on Cushman & Wakefield to help it fill up two South Beach office buildings. 1674 and 1688 Meridian Avenue span nearly 120,000 square feet of office space literally in the heart of South Beach. CushWake managing director Gordon Messinger will lease the buildings for Ivy, which acquired the assets in July. Ivy is launching a significant capital improvement program to both buildings, including renovation of lobbies, bathrooms and corridors as well as the build-out of spec spaces. “1674 and 1688 Meridian Avenue offer tenants a tremendous opportunity to occupy space in one of Miami Beach’s most desirable neighborhoods,” Messinger tells GlobeSt.com. “We expect heightened interest in these buildings due the commitment from Ivy Realty and its proximity to Lincoln Road.” 1688 Meridian Avenue is an 89,834-square-foot, 10-story office tower. 1674 Meridian Avenue is a 30,123-square-foot, five-story office building. A rare amenity for Miami Beach offices, the buildings feature on-site parking and the potential for top-floor signage. “There are enormously high barriers to entry for office space in Miami Beach with virtually no new inventory in nearly a decade and no new construction on the horizon,” Rusty Warren , co-CEO of Ivy Realty, tells GlobeSt.com. “Once we revitalize Miami Beach Towers in the tried and true formula we’ve employed with other office buildings in South Florida, we expect occupancies to soar. It’s a stellar addition to our 1.7 million square-foot o ffice portfolio in South Florida, and the plans for Lincoln and Meridian Roads’ transformation will only add to Miami Beach Towers’ future value.” 1674 and 1688 Meridian Avenue are located at the southwest corner of Meridian Avenue and 17th Street. The buildings are one block north of Lincoln Road Mall . A future redesign of Lincoln Road Mall by famed New York High Line architect James Corner Field Operations is expected improve Meridian Avenue as well, making the road more accessible and pedestrian-friendly. Regus, which recently leased two full floors in 1688 Meridian, is among the major tenants. Global modeling agency Next Model Management and SCPF, a division of acclaimed advertising agency J. Walter Thompson Worldwide, are also occupying the Miami Beach office building.