Mayfair in the Grove is set to be a transformative office project. With three separate buildings in the center of Coconut Grove and the pent up demand for innovative office projects in the city, developers expect strong leasing momentum. caught up with Chris Dekker, vice president of Mayfair Real Estate Advisors, the project’s developer, and Tere Blanca, president and CEO of Blanca Commercial Real Estate, to get their take the types of tenants that flock to Coconut Grove. (You can read part one: Coconut Grove sees a 30-year first in commercial real estate development.) What kind of tenants are most interested in taking Coconut Grove office space?

Dekker: Coconut Grove has emerged as a hotbed for entrepreneurial companies and global brands, including professional services firms, media companies, design firms, international finance, investment shops, and more. The offices at Mayfair in the Grove are a good example, which is home to major organizations like Publicis/Sapient, Crispin Porter, Regus, and GE as well as an assortment of local firms that make for a vibrant tenant mix.

The common denominator across companies at Mayfair in the Grove—and those that will relocate to Terra’s new class A development at Mary Street—is that they see value in locating in an urban, walkable neighborhood that still preserves the spirit of Coconut Grove. Mary Street will also appeal to business decision-makers coming from points south who are seeking a shorter commute by comparison with traveling to Brickell and Downtown as well as those seeking office space benefiting from a modern architectural design. Are there specific amenities that are appealing to tenants touring new buildings in today’s market?

Blanca: The same way consumers are gravitating toward authentic, urban neighborhoods, we’re seeing office users trend toward walkable neighborhoods that offer a strong sense of community and rich amenity base. In many ways, Coconut Grove is an amenity itself and has already successfully attracted major brands including Sony Music, Sapient Nitro and Virgin Hotels.

Beyond that, tenants today value office space that enhances the lifestyle experience. At One CocoWalk, the office building is being designed with these needs in mind. We’ll have favorable parking ratios, a rooftop terrace, a private entrance and lobby for office guests, office spaces with abundant natural light and waterfront views, and an on-site fitness center inside CocoWalk. The ownership is also planning to design and build One CocoWalk to achieve Leadership in Energy and Environmental Design certification.


Source: GlobeSt. caught up with Chris Dekker, vice president of Mayfair Real Estate Advisors and Tere Blanca, president and CEO of Blanca Commercial Real Estate, to get their take on the office aspects of this project in part one of this exclusive interview. It’s been 30 years since a new office building was built in Coconut Grove. Why are two new buildings launching at the same time?

Dekker: Coconut Grove is experiencing three decades of pent-up office demand from in and around the area that has led to a submarket vacancy rate of less than 2%—the lowest in all of South Florida. The Grove is coming alive with new condos, restaurants and shops, so we view the development of new Class A office space as the final ingredient that will complete the neighborhood’s comeback. Mary Street, like Terra’s nearby towers at Grove at Grand Bay and Park Grove, represent a new wave of design-driven infill development that is taking advantage of Coconut Grove’s walkability and central location. Coconut Grove has primarily been known as a retail and residential destination. How does office space factor into the neighborhood’s commercial mix?

Blanca: The addition of new class A office space at One CocoWalk will make the CocoWalk shopping complex more relevant for locals again, after more than a decade of being a destination for tourists. By welcoming new companies and hundreds of additional employees into the neighborhood, we’ll be boosting the area’s daily population and driving more activity on the streets throughout the day, which will benefit the Grove’s retailers and restaurants on a daily basis.


Source: GlobeSt.