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Tuesday, July 23, 2019

Boyne Capital Partners signs lease at One Cocowalk

Rendering of the "new" CocoWalk.

The Gap has announced that it will depart CocoWalk at the end of August. The Gap is one of the original tenants and they are part of the community, it will be sad to see them go.

Starbucks will not return, they have a better rent deal across the street where they are. Their location across the street has not hurt business and it has helped business at Panther Coffee across Main Highway; they sort of feed off of each other.

CocoWalk announced new tenants last month who signed on to be part of their renovation - Mister 01 Extraordinary Pizza, Edward Beiner, School of Rock and The Spot Barbershop. We wrote about them here.

As for One Cocowalk, the new office building under construction, Boyne Capital Partners has signed on as one of the first tenants there. The private equity firm will occupy 11,597 square feet on the fourth floor of the five-story property. Spring 2020 is the projected completion date of the project.

Boyne Capital is a Florida-based private equity firm. So expect more suits around the Grove at lunchtime.

CocoWalk was purchased in 2015 by Federal Realty Investment Trust (NYSE: FRT), Grass River Property and The Comras Company. The joint venture has embarked upon an extensive redevelopment plan that includes enhanced connectivity to surrounding streets and a repositioning of its commercial offerings in keeping with the area’s changing demographics.

“Coconut Grove is now awakening from a long hiatus in commercial development and that has resulted in pent-up demand for high quality office space,” said Jan Sweetnam, executive vice president and chief operating officer of Federal Realty Investment Trust. “Our location in the center of Coconut Grove will allow our office tenants to enjoy the benefits of a fully amenitized, modern office space."

The re-imagined complex will be home to 150,000 square feet of retail, dining and entertainment space, a total of 100,000 square feet of office space, welcoming public areas, and a rooftop terrace.  

“Boyne Capital represents an excellent addition to One Cocowalk following our signing of industry leading co-working operator Spaces, which will anchor the new building,” said Tom Roth, principal of Grass River Property.

Amenities at the office building will include dedicated elevators connecting office users with private parking, 24/7 security, and a visitor entrance and lobby. Tenants will have access to a full-service on-site gym, as well as to the building’s rooftop terrace and event space, an urban oasis overlooking Coconut Grove’s lush tree canopy and bay views.

“We’ve called Coconut Grove our home since the firm’s inception more than a decade ago. As our business has grown, so has the need for more efficient and modern office space. One Cocowalk’s prime location, just minutes from Miami’s chief business hubs, makes it the perfect location for our firm,” said Derek McDowell, founder and managing partner of Boyne Capital.

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