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SWERDLOW GROUP SIGNS ON FOR NEW HEADQUARTERS
CLASS "A" OFFICE SPACE TRANSFORMATION NEARS COMPLETION AT MAYFAIR IN THE GROVE
Released May 30, 2003
Coconut Grove, Fla. -- "Location, location, location"
having once been the optimal buzz phrase in real estate circles is rapidly
being supplanted by a new catch phrase: "lifestyle, lifestyle, lifestyle."
While the overall office space vacancy rate for Miami-Dade County hovers
in the 12% to 18% range, one neighborhood is successfully bucking this
trend - Coconut Grove - where office occupancy is 94%, and climbing higher.
Swerdlow Group has chosen the vibrant area to house its new corporate
headquarters, relocating from Hollywood, Florida to be closer to the
many significant projects the firm has under development in the area.
Proof of the Grove's popularity as a business address becomes immediately
apparent as Mayfair in the Grove (formerly The Streets of Mayfair) nears
the end of its two-floor transformation into "Class A" office
space. Swerdlow Group joins Miami's hottest and most high-profile advertising
agency, Crispin Porter + Bogusky, which is also taking space at the
newly revitalized property.
Both new tenants cite the urban village lifestyle of Mayfair in the
Grove as the deciding factor for their long-term lease commitments.
The Swerdlow Real Estate Group, developers of Dolphin Mall, Biscayne
Landing, Oakwood Plaza and Las Olas Riverfront signed a 10-year lease
for its new headquarters. According to Richard Swerdlow, the build-out
will take approximately four months and the company plans to move into
its new office by early October. The company's senior executives will
move into the space that will include offices, meeting rooms, an employee
exercise area, floor-to-ceiling windows and views of the courtyard promenade
and tree-lined Grand Avenue.
"The urban feel of an office environment at Mayfair in the Grove
both intrigued us and appealed to us," said Swerdlow. "The
location will provide close proximity to downtown and Coral Gables,
and the lifestyle of a walking environment makes Mayfair an exciting
address for our business and our executives."
Also calling Mayfair in the Grove "home" for the next 10
years is Crispin Porter + Bogusky. The award-winning advertising agency,
responsible for such break-through campaigns as the Mini Cooper launch,
the Truth Anti Tobacco Campaign and Virgin Atlantic Airways, recently
took possession of its new 42,000 sq. ft. office, following the build-out
of its loft-style space, complete with an open mezzanine.
"The Grove's mixed-use environment and the ability to design
a thoroughly cutting-edge environment made the decision to move to Mayfair
in the Grove a no-brainer," said Eric Lear, chief financial officer.
The first two tenants moving into Mayfair in the Grove personify the
diversity of professions drawn to the Grove's urban lifestyle address.
"When the owners asked us to consider alternative uses for this
property, we researched the office space situation in the Grove and
quickly determined that by adding some 'Class A' office space, the Mayfair
could become a world-class mixed-use project," said Greenberg Brooks
of Continental Real Estate Companies, the building's management and
leasing agent. "We were confident that the Grove's urban village
lifestyle -- its walking environment, close proximity to shops and restaurants,
and easy access - would appeal to companies seeking a higher quality
of life for their employees."
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