Medical research company Evolution Research Group has leased the entirety of a 75,000-square-foot, four-story Class A office building in Miami’s Airport West submarket. JLL represented the landlord, Four 700 LLC, in the lease negotiations.
ERG will be relocating from Hialeah and adding 45,000 square feet to its footprint with the move. The company is a contract research organization and is headquartered in New Jersey.
The building is designated as Quattro East and is at 700 NW 107th Ave., where it’s part of Quattro Miami, a four-building Class A office park.
Four 700 LLC owners Guy Sharon and Yoav Merary rebranded the park and reportedly invested “significant capital” in revitalizing the four buildings, all of which feature updated façades, lobbies, common areas and restrooms, new elevator controls and cabs, a revamped café, a renovated fitness center, and a new conferencing center.
Quattro Miami is easily accessed from some of Miami’s major highways, including State Road 836 (Dolphin Expressway), State Road 821 (Florida’s Turnpike) and State Road 826 (Palmetto Expressway). In addition, Miami International Airport is less than 6 miles away.
JLL Managing Director Doug Okun represented Four 700 LLC, and David Herbert, Donna Abood and Joseph Abood of Avison Young represented ERG.
Small is beautiful
As part of the Quattro Miami branding, Sharon said, the goal was to “offer office spaces of all kinds from micro-offices at the Quattro Lab, to midsize and big size companies,” while using amenities like the café, fitness center and conference center to create a sense of community.
Since about this time last year, the Miami office market has seen outsized demand for boutique office spaces of about 3,000 to 5,000 square feet, a trend that preceded the pandemic, but also was accelerated by it.
Miami’s office market has seen average asking rents climb for seven consecutive quarters, as supply tightens and demand remains strong, according to JLL’s first-quarter Office Insight report for Miami-Dade.
Class A space in the Miami Airport submarket currently has an average vacancy of 22.9 percent and average direct asking rent of $37.55, on an inventory of about 5.7 million square feet, also according to JLL.