International Fitness Chain Added to MiamiCentral Tenants With 36,000 SF Lease
Powerhouse Gym has locations abroad and throughout the U.S. but until now none in Miami.
An international fitness chain made its debut in Miami as it took out one of the biggest retail leases in downtown in recent memory, another sign companies are betting on a real estate comeback after a slowdown caused by the coronavirus pandemic.
Powerhouse Gym will move into a 36,000-square-foot space at MiamiCentral station for the Brightline passenger train.
The brand has 300 licensees across 39 states and is present in 17 countries with a total of 1.2 million members. In Florida, it has locations in Fort Lauderdale, Jacksonville, Tampa and Stuart, but none in Miami until now.
“We are excited for the opportunity to expand into a new market, delivering the rich heritage of the Powerhouse brand to a one-of-a-kind development in MiamiCentral,” Clayton Flotz, owner of Powerhouse Gym Fort Lauderdale, said in prepared remarks.
The lease speaks to confidence in Miami’s urban core despite economic slowdown caused by the pandemic. The area experienced population growth with 115,000 residents by now, according to the Downtown Development Authority.
Downtown and the Brickell Financial District to the south also are employment hubs and MiamiCentral has been drawing much of the new tenants.
Blackstone just leased a 41,000-square-foot space at 2 MiamiCentral, a 10-story office building rising atop the station. The global investment behemoth plans to hire more than 200 local technology employees as its Miami office will expand its in-house tech capabilities.
Carlton Fields moved its Miami office to 2 MiamiCentral last November from Miami Tower a few blocks to the south. With the onset of COVID-19, office tenants downsized their leases in expectation most employees will work from home long term, but the law firm still pursued its original plan for a 50,000-square-foot office across 2.5 floors.
MiamiCentral is to bring more downtown residents as two residential towers are rising atop the station that total 800 units. It has 130,000 square feet of retail that includes the Centralfare food hall.
The station spans roughly between Northeast First and Eighth streets and from Northwest First Avenue to the Metromover tracks. A nearby station connects to the Metromover and Metrorail as well as buses.
Brightline trains connect the downtowns of Miami, Fort Lauderdale and West Palm Beach, although service has been suspended since the pandemic started. The company still is pursuing plans for an Orlando connection by 2022.
Powerhouse Gym is a welcome addition.
“In addition to creating local jobs, Powerhouse will fill the much needed demand for premium fitness options of Downtown Miami residents and office workers,” said Najam Syed, head of asset management for Brightline parent company Florida East Coast Industries.
JLL Retail Advisory vice president Katie Fernandez-Espinosa as well as senior vice presidents Zach Winkler and Rafael Romero in Miami represented MiamiCentral in the Powerhouse lease.
They didn’t provide lease length and value.
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