BayView Financial Trading to move 350 to Rouse's new Coral Gables office complex
By Frank Norton
BayView Financial Trading Group plans to move its national headquarters and about 350 employees from Miami to Coral Gables in January, filling more than half the Village of Merrick Park's new office building.
The firm plans to vacate its offices on South Bay Shore Drive in Coconut Grove in favor of the top two floors at the Village of Merrick Park site, said Marie Fernandez-Leon, BayView spokeswoman.
Though lease terms weren't disclosed, Ms. Fernandez-Leon said the company will occupy the building's entire fourth and fifth floors, or just more than half its 102,000 square feet of office space at 4425 Ponce de Leon Blvd.
BayView and other office tenants are eying potential client spillover from Merrick Park's adjacent high-end shopping complex, according to the Maryland-based Rouse Co., developer and owner of the mixed-use village.
"The relationship is that office tenants have a similar client base to the retail tenants, said Bob Byrne, a Rouse vice president in Maryland.
"A financial services firm, for example, that wants to service wealthy people will end up targeting the same groups shopping at the stores," he said referring to Nordstrom's, Neiman Marcus and other luxury outlets.
BayView provides investment banking services for mortgage and financial services companies nationwide. The company plans to sublease its 41,000 square feet at 2601 and 2665 S Bayshore Drive.
The deal for new space, signed in September, doesn't include signage or naming rights, Mr. Byrne said.
It does, however, offer prestige and proximity in one of Miami-Dade County's burgeoning commercial districts, said Michael Cannon, managing director with Integra Realty Resources AREEA/South Florida.
"That area was the original industrial zone of Coral Gables," he said, "but as times and demographics have changed, so has the use of the neighborhood."
He also said office rents around Merrick Park will probably hover at about $30 per square foot, comparable to those found about 15 blocks north in the city's center.
"This area in south Gables," he said, "will compete with the central business district in Coral Gables and others in Miami-Dade County."