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CREC Negotiates 88,000 SF Lease Renewal

CREC has completed a long-term, 88,000-square-foot lease renewal with Bayview Asset Management in Shops at Merrick Park Offices in Coral Gables.

The lease renewal will maintain the national mortgage investment firm’s corporate headquarters at 4425 Ponce De Leon Boulevard. Bayview Asset Management has occupied the space since the office building was delivered to the market in 2002.

CREC Partner Steven Hurwitz and Senior Vice President Douglas Okun represented GGP, owner and operator of Shops at Merrick Park Offices, while JLL Managing Director Matthew W. Cheezem represented the tenant, Bayview Asset Management.

“We were able to achieve terms for GGP to accommodate the tenant’s needs, which included ample on-site parking and facility improvements geared toward upgrading the tenant’s floors,” said Hurwitz. “We are pleased that Bayview Asset Management will remain in the building. This is a strong statement for both the project and the thriving Coral Gables submarket.”

Shops at Merrick Park Office is a Class A, five-story office building comprised of 126,019 square feet. The tower is situated immediately adjacent to the area’s high-end retail and dining destination, Shops at Merrick Park, which features anchor tenants Neiman Marcus and Nordstrom. It enjoys exposure to U.S. 1 and is within walking distance to Metrorail and the Coral Gables Trolley Station.