Sony Music Consolidating Offices Into 45K SF In Wynwood
The cultural cachet of Miami’s Wynwood neighborhood has attracted another high-profile creative tenant.
Sony Music inked a 45K SF lease at 545 Wyn, according to a Colliers report, the largest new deal in the city in the third quarter. The music production and distribution company will move into the 10th floor and part of another floor at 545 Northwest 26th St. next summer, according to the property’s online listing and a source familiar with the deal.
The deal is a consolidation of Sony Music’s South Florida office space, the source said.
Sony’s deal is the most recent in a string of entertainment and media companies drawn to the creative atmosphere in Wynwood, famous for its street art and eclectic mix of restaurants, retailers and music venues.
Live Nation Entertainment, the owner of Ticketmaster and Live Nation Concerts, signed an 8K SF deal at The Annex Wynwood in 2019, Spotify inked a 20K SF lease for its South Florida headquarters at the Oasis Wynwood in 2020 and TikTok’s parent company, ByteDance, was reportedly looking for an office in the neighborhood in 2021.
Leasing at 545wyn is handled by Blanca Commercial Real Estate. The 299K SF building was completed by Chicago-based Sterling Bay in 2020. The property has 51K SF of shell space available for lease with a $73 per SF asking rate, according to a LoopNet listing.
545wyn has an attached 442-space parking garage, fitness center, fifth-floor terrace and ground-level retail, according to the listing.
Newmark brokers Lance Benson and Maury Gentile represented Sony Music in its lease at the property. Blanca and Sony Music didn't return Bisnow’s requests for comment. A Newmark spokesperson declined to comment.
Average asking rates in Wynwood are among the highest in Miami at $79.69 per SF, according to the Colliers third quarter market report. Wynwood rents are more than 30% higher than the city average and second only to Brickell.
While the neighborhood’s 16.5% direct vacancy rate on 2.1M SF of office inventory is significantly higher than Miami’s overall 9.1% vacancy rate, Wynwood had 47K SF of positive absorption in the third quarter, outperforming all submarkets excluding Downtown Miami and Kendall, both of which have significantly more inventory.
Wynwood has 640K SF of office space under construction, according to the Colliers report, and at least one property has already landed tenants.
L&L Holding Co., Oak Row Equities, Shorenstein Properties and Claure Group broke ground in March on The Wynwood Plaza, a 1M SF mixed-use development with 266K SF of office space, 509 apartments and 32K SF of retail.
Claure Group, led by former CEO of SoftBank Group International Marcelo Claure, announced at the groundbreaking that it would occupy the entire 25K SF eighth floor of the office building. An 18K SF second-floor lease from New York-based law firm Weitz & Luxenberg was also announced at the time. The property, located at 95 Northwest 29th St., is slated for delivery in 2025.
Pre-leasing launched this summer at the under-construction WNWD 21 at 2115 North Miami Ave. Developed by Coconut Grove-based Related Group and Boston-based Rockpoint, the property will have 63K SF of office space, 304 apartments and 18K SF of retail space.
A Colliers listing for the property, planned to deliver in the third quarter of 2024, indicates that none of the space is pre-leased. Colliers broker Kevin Gonzalez told The Real Deal in August that the firm was in preliminary lease discussions with out-of-state and local tenants from industries including tech, finance and marketing.
