Stiles Property Management Selected to Manage MiamiCentral Office Buildings
Posted on 6/25/2019**Firm Achieves Record Growth, Adds 1.2 Million SF to Portfolio Since April 1
Stiles Property Management ("SPM"), the largest privately-held commercial and facility management firm in South Florida, announced today it has been selected to manage the MiamiCentral office buildings — 2 MiamiCentral and 3 MiamiCentral — totaling nearly 320,000 square feet of Class AA office space. Overall, SPM has added a total of 1.2 million square feet to its managed portfolio since April 1, marking a record two-month increase in new assignments. SPM is a division of South Florida-based full-service commercial real estate firm Stiles.
SPM manages more than two million square feet of high-profile projects in Miami. 2 MiamiCentral and 3 MiamiCentral are among Miami's newest high-end office buildings with creative, sustainable space and ground-level retail. Connecting Metrorail, Metromover, Brightline and soon, Tri-Rail, the location offers unparalleled transportation options. The tenant roster is comprised of nationally recognized, high-quality companies including Ernst and Young, Regus Group, Cisneros, Publix Supermarkets, All Aboard Florida, CONCACAF, HNTB Corporation, Moss Construction and MTV Latin America. SPM will also be managing the Tri-Rail component at the Miami Brightline station when service commences in what is expected to be the beginning of 2020.
"With 19 Tri-Rail stations and several transit-oriented office buildings in our South Florida portfolio, we are rapidly expanding within the niche transportation market in addition to office and retail," said Chris Rotolo, President of Stiles Property Management. "We understand the level of complexity with transit properties as well as the high caliber service required to compete in Miami's Class A office market and are excited to have the opportunity to help create additional value at these impressive properties."
2 and 3 MiamiCentral were recently purchased by Shorenstein Properties LLC ("Shorenstein"), an owner and operator of high-quality office, residential and mixed-use properties across the U.S. Stiles and Shorenstein forged a partnership in the mid-2000s and currently share an ownership interest in The Main Las Olas development, a generational, mixed-use project that spans an entire city block and includes a 357,000-square foot Class A office tower, 341-unit apartment tower, Publix GreenWise Market, a range of chic dining establishments and trendy retail shops on the ground floor.
SPM will be responsible for the management of The Main Las Olas office component once complete and is involved in the early development process to establish the building's management infrastructure. The company's total portfolio consists of more than 19 million square feet of office, retail, industrial and mass transit properties. Since April, SPM took on a total of six properties including 2 and 3 MiamiCentral, together comprising 1.2 million square feet.
The other properties include:
- Giralda Place in Coral Gables, a 109,363-square foot Class A mixed-use property with office, retail and condominiums, and WeWork as the main tenant. SPM is handling the commercial component only.
- Kendall Place, a 287,896-square foot retail shopping plaza in Kendall
- Weston Lakes Plaza, a 96,451-square foot retail shopping plaza in Weston
- Township Plaza, a 66,524-square foot retail plaza in Coconut Creek
In reference to SPM's continued growth, Rotolo commented, "We are fortunate to be able to leverage decades of experience as well as the breadth of knowledge at Stiles to offer best-in-class service to our clients, whether they are private property owners or large institutions. Our primary goal is to save our client's money from day one, and we are focused on accomplishing that with every project."
SPM reports a typical 10 percent savings in operating costs on every assignment as a result of their comprehensive set of programs, such as portfolio-wide savings, energy efficiency programs and quality control initiatives.
Stiles is a full-service commercial real estate firm with a clear mission: Invest. Build. Manage. Stiles services include development, construction, tenant improvement, realty, property management, architecture, acquisitions and financing. Headquartered in Fort Lauderdale, Stiles maintains regional offices in Miami, Fort Myers, Tampa and Orlando, Florida, and has a development office in Charlotte, North Carolina. Stiles is responsible for more than 48 million square feet of office, industrial, retail and mixed-use residential projects throughout the southeastern United States. For more information, please visit https://www.stiles.com or call 954-627-9300.