Stonerock Capital Partners Launches Leasing At Twin Office Buildings On Flagler Street In Downtown Miami — PROFILE Miami
Stonerock Capital Partners has launched leasing at 200 SE First Street and 44 W Flagler Street, the twin office buildings they acquired this year. Leasing is being overseen by Avison Young. The buildings include modern, move-in-ready spec suites, controlled access, 24/7 security, touchless systems, state-of-the-art fitness centers, and sleek conference centers. Both properties are also centrally located, with easy access to public transportation.
Both office buildings are within the Miami DDA Grant Incentive Program boundaries available to new-to-market businesses or expanding businesses that will either relocate or hire a minimum of ten (10) new employees to the district within three years.
200 SE 1st is both office and data warehousing space, which is a huge benefit for tech occupiers. 44 W Flagler continues to be ideal for legal tenants, as it fronts the Miami-Dade courthouse, the new Miami-Dade courthouse that is being built, and many other complementary government and legal buildings. Additionally, 44 W Flagler marks the gateway to the Flagler Improvement District, which is undergoing a $30 million renovation.
Over the past few years, Miami has matured as a major metropolitan area, with a wave of corporate relocations, especially fintech, financial services, banking, and private equity firms. With the increasing population and demand for office space, Downtown Miami, nestled just north of the thriving Brickell financial district, is undergoing a revival. The corridor along Biscayne Boulevard already boasts some of Miami’s most expensive residential towers.
According to Avison Young research, Downtown Miami has seen several new-to-market tenants contributing to 152,171 square feet of net absorption for the year to date, more than any other Miami submarket. The activity has pushed vacancy down faster downtown than in Miami overall, a trend that is likely to continue as more firms execute return-to-office strategies.
