COCONUT GROVE, FL, June 8, 2022 – CGI Merchant Group acquired 3480 Main, a Class A mixed-use building in the heart of Coconut Grove, in June 2020 at less than 50% occupancy. The five-story boutique building is now fully leased. The penthouse at 3480 Main was also recently leased at a record rate, setting a high-water mark for office rents in the Coconut Grove office submarket. Colliers Executive Managing Director Stephen Rutchik and Managing Director Tom Farmer represented the landlord, CGI Merchant Group.

“The unique live-work-play experience at 3480 Main has set the standard for the office experience in Coconut Grove,” said Rutchik. “From the lobby to the rooftop deck, the property provides an impression that tenants and clients will remember along with excellent connectivity to almost all of Miami.”

The Arquitectonica-designed building provides a unique tenant experience with a mixture of tradition, business, and modernity- a tribute to the essence of the Grove. 3480 Main features a signature ground-floor restaurant and rooftop bar by one of North America’s leading lifestyle and hospitality companies, Ink Entertainment. Amal, a fine-dining concept, will bring modern Lebanese cuisine to Coconut Grove, and the rooftop terrace will offer an oasis garden and 360-degree views of Miami and Biscayne Bay.

“Acquiring 3480 Main at the height of the pandemic, a time of general uncertainty, required a measured approach to our lease-up strategy and overall business plan,” said Jonathon Pavlov, Director of Asset Management at CGI. “We consider this a huge success in executing that plan, specifically related to the select tenancy for this unique world-class asset.”

CGI Merchant Group is a minority-owned global investment manager focusing on commercial real estate and private equity. The firm has executed more than $2.5 billion in historically affiliated capital transactions since its founding in 2006. The firm relocated its corporate headquarters in Palm Beach Gardens to 3480 Main in December 2021.

Average Class A rents in Coconut Grove reached $61.62 per square foot in the first quarter of 2022. This market activity is 17 percent higher than the average rent for Class A space in Miami-Dade County, which in contrast, ended the first quarter at $52.59 per square foot. Coconut Grove had one of the tightest office markets for many years, with almost no Class A office space available and the lowest vacancy rates among Miami-Dade County’s submarkets. Until 2017, there had not been any new office construction since the delivery of the SBS building in the 1980s. However, a resurgence of investment in the submarket fueled the development of several new Class A office buildings contributing to a rise in Class A rental rates, an increase of 15 percent since the first quarter of 2020.