Trinity Investments and Acore Capital Take Space in Same Miami Office Building
By Julia Echikson October 4, 2024 1:18 pm
reprints
Two real estate bigwigs, Trinity Investments and Acore Capital, are set to become neighbors in Miami’s Coconut Grove neighborhood after signing separate leases in the same building.
In the larger deal, Acore Capital signed a 4,000-square-foot lease at The Canopy, a boutique 33,000-square-foot office building in Miami’s Coconut Grove neighborhood. The New York-based lender, led by Tony Fineman and Warren de Haan, has about $20 billion in assets under management. In April, it raised $1.4 billion in one of the largest private debt funds to close this year.
Honolulu-based Trinity Investments inked a 3,000-square-foot lease in the same building for its first Miami office. Since 2021, the firm has made inroads in Miami, first buying the East hotel in Brickell for $174 million and then the 1,000-room oceanfront Diplomat resort in Hollywood for $850 million, which it refinanced with a $575 million loan this year.
The office leases are ushering a new era for The Canopy, a three-story building at 2981 Grand Avenue. Completed in 1991, the property previously housed an Old Navy store and a Shaq’s gym.
The owner, Michael Comras, began redeveloping the retail building into a Class A office property, following the success of CocoWalk, an open-air mall across the street that was updated with the addition of an office component, which was completed in 2021. Comras co-owns the mixed-use property.
The Canopy’s redevelopment, which will feature 22,000 square feet of Class A office space, is set to be completed later this month.
Representatives for Trinity Investments and Acore Capital did not immediately respond to requests for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
