Colliers International brokers Aventura’s largest new office lease in a decade
Miami, FL | May 9, 2019 – As the Aventura office market matures, Colliers International South Florida is excited to announce that it has brokered a new 37,856-square-foot office lease with Biorasi at Harbour Centre at Aventura, located at 18851 NE 29th Ave. A leading full-service global contract research organization, Biorasi will occupy two full floors at the 217,000-square-foot Class A office building designed by Arquitectonica, featuring nine-foot, floor-to-ceiling windows with panoramic views of Biscayne Bay. The 10-year lease has a value of approximately $20 million and required the early termination of two other tenants in order to accommodate Biorasi’s requirements.
Jonathan Kingsley, Colliers International South Florida’s Executive Managing Director of Office & Industrial Services, and Stephen Rutchik, Colliers International South Florida Executive Managing Director of Office Services, represented the landlord, C-III Capital Partners, and Biorasi in the transaction. Deborah Frank of Chicago based Golub Companies was also a consultant to Biorasi in the transaction. This lease brings the building’s occupancy to 93 percent.
The transaction closed on April 15th , 2019 and is the largest new office lease in Aventura over the last decade.
“This lease speaks to the strength of this Class A office building and the growing demand for superior office space in the Aventura market,” Kingsley said. “Biorasi was a tenant at Harbour Centre in its early existence and was forced to relocate to another Aventura building in 2015 due to lack of available expansion space at Harbour Centre. Biorasi experienced firsthand the advantages of leasing space in the building and as their recent growth required them to look for a new headquarters office, Biorasi decided to return to its roots at Harbour Centre and to continue its relationship with C-III Capital with its lease of 2 floors. We are thrilled to have Biorasi’s leadership team and employees as a valued anchor tenant at Harbour Centre.”
The contract research organization is doubling in size and will have close to 230 employees at this location. The company partners with pharmaceutical, medical device and biotech companies to successfully navigate the complexities of clinical trials and bring products and treatments to market faster.
Harbour Centre offers an array of amenities including views of downtown Fort Lauderdale, downtown Miami and the Atlantic Ocean, an upper scale building café, a high end professional car wash service, Concierge/Security personnel and valet parking. The elegant, two-story entrance atrium emphasizes the contemporary design of interior common areas, highlighted with marble, granite, stainless steel and glass elements – all designed by renowned architectural firm Arquitectonica. The building also offers easy access to Interstates 95 and close proximity to Aventura Mall.
According to Colliers International South Florida research, the Aventura market currently has 16 Class A office buildings totaling 1.37 million square feet with a vacancy rate of 12.8 percent. The average direct asking rate for full-service office space is $48.87 per square foot. Currently, the Aventura market has nearly 500,000 square feet of office space under construction.