Amazon will expand its office footprint to 75,000 square feet at Wynwood Plaza, a 1 million-square-foot mixed-use development within Miami’s Wynwood Arts District. A venture between L&L Holding Co. and Oak Row Equities owns the campus.
In January, Amazon agreed to occupy 50,333 square feet within the project. That deal marked the largest office lease ever recorded within Miami’s Wynwood submarket.
Savills brokered the leasing agreement on behalf of Amazon. Cushman & Wakefield represented the ownership, along with an L&L executive. After this deal, the office building is more than 50 percent preleased, with tenants including Claure Group and Weitz & Luxenberg.
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Shorenstein Investment Advisers is the project partner, while Claure Group serves as co-investor. Other companies involved in the development include Fortis Design + Build and design firm Gensler.
The developer broke ground on the master plan in 2023, after obtaining a $215 million construction loan from Bank OZK, according to Yardi Research Data. Rising at 95 NW 29th St., Wynwood Plaza will be close to interstates 95 and 195. Downtown Miami is less than 5 miles from the property, while the city’s international airport is 6 miles west.
A nearly completed mixed-use campus
Scheduled to come online in the following months, the master plan will consist of a 12-story, 266,000-square-foot office building and a residential component totaling 509 luxury units, as well as 25,000 square feet of retail space and a 26,000-square-foot outdoor public plaza.
The office property will include multiple indoor and outdoor amenities, such as a fitness center, a bar lounge and café, rooftop private seating areas and conference spaces, as well as private terraces on each story. Floorplates will range between 18,000 and 25,205 square feet.
L&L Holding Co. Vice President Bryan Lapidus, together with Cushman & Wakefield Managing Director Andrew Trench, Senior Director Edward Quinon and Vice Chair Brian Gale, worked on behalf of the landlord. Savills Executive Managing Director Tom Capocefalo and Vice Chair Mike Catalano represented Amazon.
Miami’s office vacancy
Miami’s office vacancy rate at the end of May clocked in at 14.6 percent, marking a 230-basis-point increase year-over-year, according to the latest Yardi Matrix office report. However, this figure was well below the 19.4 percent national average.
In April, City National Bank of Florida signed a 144,878-square-foot leasing agreement in Coral Gables, Fla., marking the largest office lease in South Florida in at least two years at the time. The building at 2701 S. Le Jeune Road will be renamed as City National Financial Center when CNBFL relocates next year.