Spotify signed a lease in Wynwood for its South Florida headquarters, The Real Deal has learned.
The music streaming company has been looking for office space in the Wynwood, Brickell and downtown Miami submarkets for months, sources said. Spotify will be taking all of the 20,000 square feet of office space at the Oasis in Wynwood, a mixed-use adaptive reuse project under construction at 2335 North Miami Avenue.
The digital music service is joining other tenants such as LiveNation and WeWork in Wynwood, a neighborhood that is rapidly changing to include new office buildings, apartment complexes and hotels. Apple and Google have also reportedly been scouting for office space in Wynwood.
In September, LiveNation announced its nearly 8,000-square-foot lease at the Wynwood Annex, an office building that was developed by East End Capital and The Related Group. WeWork opened in a 32,000-square-foot space at the Wynwood Garage, a Goldman Properties project, at 360 Northwest 27th Street.
Still, the Wynwood office market is in its infancy stages, said George Pino, president of State Street Realty. A number of technology, marketing and advertising companies are looking for new spaces “in a neighborhood where their employees can really eat, work, live and do activities,” he said. Rents in the neighborhood are in the high $50s per square foot.
“More and more, tenants are prioritizing their office location with respect to amenities,” Pino added.
Carpe Real Estate Partners, led by David Weitz and Erik Rutter, is the developer of the Oasis. The firm is redeveloping four warehouses and a courtyard into the Oasis, a project with about 17,000 square feet of retail space and a 35,000-square-foot amenitized courtyard, plus a rooftop deck. The courtyard was a selling point for Spotify, according to sources.
The courtyard will have a stage, outdoor bar, food hall and a 75-foot-tall tower with rotating art installations, according to a press release. The Oasis is expected to open later this year.
Zach Winkler of JLL is handling retail leasing and Brian Gale of Cushman & Wakefield is handling office leasing. Gale and Andrew Trench of Cushman represented Carpe Real Estate Partners in the lease, while JLL represented Spotify.
Property records show Carpe Real Estate Partners paid $14 million for the 1.65-acre site in March 2018.
The company financed the acquisition and construction with a $10 million loan from Iberia Bank. The property could eventually be redeveloped into buildings with eight and 12 stories, between 400,000 square feet and 600,000 square feet.