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Week of September 12, 2002 |
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| Omni Colonnade redesigns wing of office suites to attract small firms with large taste By Frank NortonThe Omni Colonnade Corporate Center is entering the second phase of a $500,000-plus rehab that will create a mezzanine lobby with executive suites as part of a larger marketing strategy. The 25,000-square-foot office component has a 28-foot-high entryway that rises to bi-level offices on the 2nd and 3rd floors of a 197,000-square-foot expansion wing. Coconut Grove's BayView Financial, Colonnade owner, is repositioning the vacant enclave for small-cap firms and representative offices for multinationals. The project is a joint venture with Ibex Institutional Advisors, which sold the Colonnade nearly a year ago to BayView for $59.5 million. Michael Wolk Design Associates is doing renovations. "We're creating a building within a building," said Ibex Principal Jose Rosado. "We chose Wolk because he's won several awards. He's creating innovative designs and will add something cutting-edge." Added in 1989, the two floors were designed for a movie theater that never opened. Lucent Technologies leased it in 1994 and vacated it last year. With structural renovations nearly finished, Mr. Wolk said, he is ready to transform the space into a high-end lobby with executive suites and conference rooms. "I think our clients chose us because they want something edgy that can attract younger professional tenants," he said. The space targets small law and accounting firms and multinationals, Mr. Rosado said. He said the Gables would attract younger, more sidewalk-oriented tenants compared to the Brickell district. "More than anything," he said, "it's lifestyle consideration. Coral Gables is a walking city. This office will be within walking distance of 15 top area restaurants." |
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