Newmark Managing Director Shay Pope has represented two major companies in negotiating a pair of Miami-area office lease transactions. Deals with Univision and Starwood are the first completed by Pope since his return to Newmark (which he originally joined in December 2004) following a brief stint with Cushman & Wakefield of Florida Inc.
In the Miami suburb of Doral, Pope represented Univision Online Inc., a unit of Univision Communications Inc., in a restructuring of its 27,770-square-foot Class A office lease at 8200 NW 52nd Terrace in Doral Center.
“Flagler Development was focused on retaining Univision’s tenancy on a long-term basis,” said Pope. “As a result, we were successful in helping Univision achieve a very flexible lease with a much-improved cost structure that supports its long-term financial and operational objectives.”
Meanwhile, in Miramar, Pope represented Starwood Hotels and Resorts Worldwide Inc. in a complex, multi-million dollar transaction at 2901 SW 149th Ave. in Huntington Center office park. In this transaction, Caribbean Sun Airlines Inc. (CSA), a privately held airline headquartered in Miramar, assigned its 24,000-square-foot Class A, long-term office lease to Starwood, which in turn simultaneously sublet 9,400 square feet of this space back to CSA for a five-year term.
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“This was one of the more complicated transactions I’ve structured in my career. The lease assignment enables CSA to achieve a complete novation of its leasehold. Starwood, meanwhile, now controls an entire floor at a rental rate significantly below-market with contiguous expansion rights that can be exercised before expiration of CSA’s sublease. And the building owner, MetLife, will realize an increase in the value of this asset due to Starwood’s investment-grade credit.”
On his return, Pope remarked, “I am grateful for the opportunity to return to Newmark, which is a true global powerhouse, with superior intellectual capital, resources and support platform in place to help both its clients and its brokers achieve true success.”
Newmark Managing Principal Patrick Duffy, who worked with Pope on the Univision requirement, commented, “We are very happy to have Shay back. He is a top broker in the market and a proven leader in the Newmark office.” Jon Bourbeau, a senior managing director with Newmark’s Miami office, commented, “He is a strong addition to an already powerful team we have in South Florida.”
Newmark is one of the largest independent real estate service firms in the world. Headquartered in New York, Newmark and London-based partner Knight Frank Newmark operate from over 165 offices in established and emerging property markets on six continents. Last year, transactions were valued at more than $37.3 billion with annual revenues of over $537 million. With a combined staff of more than 5,300, this major force in real estate is meeting the local and global needs of owners, tenants, investors and developers worldwide. For further information, visit www.newmarkkf.com.