PE Firm Jordan Company to Open Miami Office at One Cocowalk
Cruise line Azamara and advisory Uno Management Services also signed at the building
CocoWalk, the mixed-use development in Miami’s Coconut Grove section, says its new office building is full after finalizing its lineup of tenants.
CocoWalk’s owners said the property’s new 85,745-square-foot office building, known as One Cocowalk, is now 100-percent leased up. The property includes a second office building, known as Two Cocowalk.
The largest of the new office tenants is The Jordan Company, a private equity firm that took 12,717 square feet. The Jordan Company also has offices in New York, Chicago and Stamford, Conn. This lease marks its first in South Florida.
Other tenants to sign deals at One Cocowalk are cruise line Azamara, with 9,286 square feet; banking adviser Uno Management Services, with 8,273 square feet; and hospitality firm Creating Culinary Communities, which took 9,205 square feet for a headquarters and test kitchen.
CocoWalk is owned by Federal Realty Investment Trust of North Bethesda, Md., and South Florida players The Comras Co. and Grass River Property. Blanca Commercial Real Estate is marketing the office space.
CocoWalk made a splash when it debuted in 1990, but the property later fell on hard times. The current ownership group took over in 2015. Federal Realty told investors at the time that it paid $87.5 million for the property, according to documents filed with the U.S. Securities and Exchange Commission.
“The asset clearly has lagged behind the great resurgence that’s happening there in the Grove District,” Federal Realty President and CEO Don Wood told analysts soon after the deal closed.
Following an extensive renovation, CocoWalk is being repositioned.
In addition to the office buildings, CocoWalk has 150,000 square feet of retail space. The roster of restaurants and merchants includes Planta, Sushi Garage, Mister 01 Extraordinary Pizza, Botanico Gin & Cookhouse, Salt & Straw and Sweetgreen.
The property’s average base rent per square foot is $38.99, Federal Realty Investment Trust said in its latest annual report.
Jeff Ostrowski can be reached at email@example.com.