Ted Pick Of Morgan Stanley Renews 42422 SF Office Lease At Aventura Corporate Center
20807 Biscayne Boulevard
Building Size
42,422 SF
Asset Type
Office
Closing
Feb 16, 2025
AI
The property involved in this transaction is located at 20801, 20803 & 20807 Biscayne Boulevard in Aventura, FL. It comprises a total square footage of 42,422 within a 250,000 SF Class A campus known as Aventura Corporate Center. The market for this asset type is Aventura.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Renewal of lease
- Tenant: Ted Pick - Morgan Stanley
- Landlord's Representative: Christina Stine Jolley - Blanca Commercial Real Estate
- Tenant's Representatives: Adam Bernstein & Zach Wendelin - JLL
This deal reflects the ongoing trend of financial firms reinforcing their South Florida foothold, facilitated by key representatives in the leasing process. The transaction was brokered effectively by Christina Stine Jolley, representing the landlord, while Adam Bernstein and Zach Wendelin represented Morgan Stanley as the tenant's representatives.
Players
Miami Office Market Snapshot
Boundary boundary · Office · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93