Architecture firm Gensler is the first tenant to sign for an office building it designed in Miami’s Wynwood neighborhood.
Gensler has signed a prelease for 13,456 square feet in the 325,000-square-foot building rising at 545 NW 26th St., according to developer Sterling Bay. Gensler will move more than 60 employees from 801 Brickell Ave. by early 2021. The new building is due to be complete in late 2020.
Wynwood, a 50-block corridor north of downtown Miami, is a former industrial area that has become one of the city's hottest neighborhoods, filled with art galleries, retailers and entrepreneurs.
The 10-story 545wyn will have ground-floor retail space in addition to indoor-outdoor spaces, conference rooms and a wellness center for tenants. Chicago-based Sterling Bay, which paid $18.9 million for the development site at the end of 2018, also expects to add murals from local artists.
“The demand for modern, amenity-rich office space in this neighborhood is overwhelming,” Sterling Bay CEO Andy Gloor said in a statement.
Offices planned in the Wynwood-Design District often include mixed uses and creative architecture, making them much different than those found downtown and the Brickell financial district, according to the latest report on the submarket from CoStar Market Analytics.
Nearly 1 million square feet of offices is due to be completed in the market over the next year, with rents increasing by 1.1% annually and posting an average annual gain of 4.4% in the past three years, the report stated. Still, it noted that the vacancy rate has risen sharply because of the amount of development and new product completed lately.
For the Record
Matthew Cheezem of JLL represented Gensler in the transaction. Sterling Bay did not disclose the name of its broker.
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