Posts By : South Florida Business Journal

Events company moves to top floor of South Beach office building

Events company moves to top floor of South Beach office building

INDUSTRIES & TAGS. Commercial Real Estate

By Emon Reiser – Digital Producer South Florida Business Journal 

GDS Publishing, an international events and technology services company, has relocated to the top floor of a 90,000-square-foot office building in Miami Beach.

The Bristol, United Kingdom-based company moved its South Florida branch to 10,000 square feet at 1688 Meridian Avenue. The firm will occupy the entire penthouse floor of the office space with more than 40 employees. Cushman & Wakefield Managing Director Gordon Messinger represented the property owner in lease negotiations and CREC’s Steven Hurwitz represented the tenant.

1688 Meridian Avenue is a 90,000-square-foot office building in Miami Beach.

GDS relocated from 1691 Michigan Ave.

The company’s fellow tenants now include Regus, a major flexible workspace company; international modeling agency Next Model Management and international advertising agency J. Walter Thompson Worldwide.

Ivy Realty acquired 1688 Meridian Ave. and 1674 Meridian Ave. in July 2016. The office buildings total 120,000 square feet. The Connecticut-based company is planning improvements for both buildings including renovations to the lobbies, bathrooms and other common areas.

Fortune Capital buys 141 units in fractured Sunrise condo community

An affiliate of Fortune Capital Management Services acquired 141 units in the Isles at Lago Mar fractured condominium community in Surnise for $17.13 million.

The 367-unit garden-style complex was converted from apartments to condos in 2006, but the recession scuttled its sales and Corus Bank, which later failed, moved to foreclose on it. Its loan was later sold to investors.

Vision-Corus Holdings and Lago Mar Holdings, both managed by Jeffrey Goldenberg, sold the 141 units to FCP Lago Mar LLC, headed by Miguel Poyastro, the CEO of Coral Gables-based multifamily and condo conversion firm Fortune Capital Management Services. Florida Community Bank (NYSE: FCB) provided a $15 million loan to the buyer.

The price equates to $121,489 per unit.

CREC Senior Vice President Peter Mekras represented the seller in the deal.

“The lack of new affordable single-family housing developments will continue to lend to strong rental apartment market fundamentals in Broward County and throughout South Florida,” Mekras said.

Isles at Lago Mar is on the 1300 block of Vista Isles Drive, on the west side of Flamingo Road just north of Interstate 595.