Offices at Palmetto Bay Village Center Leases 60,000 SF to Bupa Worldwide
March, 2013
Bupa Insurance is consolidating and relocating its Latin American Operations to the Offices at Palmetto Bay Village Center with a long-term lease. This premier office park increases occupancy to over 90%.
In a sign that companies want offices closer to home, the Offices at Palmetto Bay Village Center has signed a 59,642 sq ft long-term lease with Bupa Worldwide Corporation for its Latin American headquarters. This is the largest office lease to date in Miami for 2013.
Bupa is a worldwide health and care organization that has been in the business since 1947. With more than 30 years of experience in the market, Bupa is one of the largest and strongest insurers in Latin America and the Caribbean. Bupa has 10 million customers worldwide.
The Offices of Palmetto Bay Village Center was represented by Scott Sime and Elizabeth Santos
of Sime Realty Corp. Bupa was represented by Michael Elbilia and MJ Ridenour of Coldwell Banker.
Financial terms of the agreement were not disclosed. “This lease is the largest office lease to date in Miami and it drives the occupancy of this property to over 90%, “said Scott Sime, principal of Sime Realty Corp. “Additionally, Bupa will be bringing in up to 450 employees, so it will create a strong economic driver to this area of the county.”
“As major corporate users increasingly look to reduce employees’ commuting times and offer more collaborative work environments, buildings such as the Offices at Palmetto Bay Village Center will remain in high-demand,” said Sime Realty Vice President Elizabeth Santos. “The Offices at Palmetto Bay Village Center stands out for its panoramic water views, short commute times from executive housing, premium finishes, and ease of access to major highways – making the building a smart choice for users seeking a premier Class A workspace and convenience.”
The Offices at Palmetto Bay Village Center is located directly on Old Cutler Road at 18001 Old Cutler Road in Palmetto Bay. The property consists of three existing buildings and two office build-to-suit parcels on 80 acres. The property offers both surface and garage parking at an above average parking ratio that can be increased to as high as 8.0 spaces per 1,000 rentable square feet. This property offers sweeping views of Biscayne Bay, office access to terraces and on-site amenities including a café, fitness center, conference rooms and beautiful event facility.
Sime Realty is a boutique Commercial Real Estate brokerage company with a strong focus on customer service. Lead by Scott Sime, a real estate professional with over 28 years of experience in the Miami commercial real estate market, the firm represents a portfolio totaling approximately 1.3 million square feet.
