Amazon Nears Office Lease in Miami’s Wynwood District
By Julia Echikson October 28, 2024 2:02 pm
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Amazon (AMZN)’s search for a Miami office seems to be coming to an end. The tech giant is in advanced negotiations to sign a lease for office space ranging between 60,000 and 80,000 square feet at the Wynwood Plaza development in Miami, Commercial Observer has learned.
Terms are being finalized. A deal wouldn’t close until the end of the year.
The current state of play is for Amazon to take about 75,000 square feet, but the exact footprint could still change, according to sources familiar with the talks, with one source adding that Amazon is still exploring other office options.
Last year, Amazon announced it was looking for a 50,000-square-foot office in Miami. Since 2022, it has been operating at an 9,000-square-foot office, inside WeWork’s Coral Gables location.
The news of Amazon’s expansion came as Jeff Bezos, the company’s founder and chairman, was personally relocating from Seattle to Miami. Since last year, the billionaire has purchased three mansions on Indian Creek Island, near Miami Beach, for a combined $237 million.
The pending agreement represents a much-needed boost in Miami’s quest to establish itself as a tech hub. The rebranding effort, which took off during the pandemic, has taken a hit as interest rates have risen, making it difficult for companies to raise capital, and as San Francisco stages a comeback thanks to the emergence of artificial intelligence.
The Wynwood Plaza development remains under construction. Last year, a joint venture led by L&L Holding Company and Oak Row Equities scored a $215 million construction loan for it from Bank OZK.
The 1.1 million-square-foot campus, located at 95 NW 29th Street, is set to house a 12-story office building totaling 266,000 square feet, 509 luxury rental apartments and 32,000 square feet of retail, in addition to a 26,000-square-foot public plaza.
Early in the development’s conception, SoftBank was in talks to set up an office. But the talks apparently stalled once SoftBank’s COO Marcelo Claure, who lives in Miami, left the Japanese conglomerate.
Instead, his investment firm, Claure Group, took equity in the project and will occupy 25,400 square feet. Another tenant is law firm Weitz & Luxenberg, which will occupy 18,000 square feet.
A spokesperson for Oak Row Equities declined to comment. Representatives for L&L Holding Company and Amazon did not respond to requests for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
