Field Trip Health, a psychedelic therapy company, picked one of Miami’s trippiest neighborhoods for its first location in Florida. The Toronto-based company plans to open in Wynwood, The Real Deal has learned.
Field Trip inked a lease for a 7,500-square-foot space at The Wynwood Annex, an office building that the Related Group and East End Capital built at 215 Northwest 24th Street, said Jonathon Yormak, who leads East End Capital. The eight-story, 65,000-square-foot building was completed more than three years ago and is now fully leased.
Field Trip is part of a wave of new psychedelic therapy companies that have raised tens of millions of dollars to invest in the treatment of depression and post traumatic stress disorder with drugs such as ketamine. Ketamine is the only hallucinogenic that’s currently legal for patients outside of a clinical study in the U.S., the New York Times reported.
Two bills proposed in the Florida Legislature would direct the Florida Department of Health and the state’s board of medicine to study the efficacy of ketamine, MDMA and psilocybin, the Daytona Beach News-Journal reported last week. Oregon was the first state to legalize the therapeutic use of psilocybin, the substance found in magic mushrooms. Other cities and states have decriminalized the drug or are considering similar legislation.
Field Trip has locations in New York, Toronto, Los Angeles, Chicago, Atlanta, Houston, Seattle, Amsterdam and Fredericton, Canada, according to its website. Forbes reported in July that Field Trip plans to have 20 clinics by the end of this year and 75 by 2024.
Yormak said Field Trip has been interested in the Miami market, and the company approached the developers to lease a space at the Annex. Other tenants in the building include venture capital firms Founders Fund and Atomic; Live Nation; and e-commerce company OpenStore.
Tony Arellano of Dwntwn Realty Advisors represented the landlord in the majority of leases at the Annex, including Field Trip. Miles Glascock at JLL represented Field Trip.
Modified gross rents have exceeded $62 per square foot, Yormak said.
The Annex is reportedly on the market. Yormak said that the partnership has not made a decision whether to sell, but confirmed that potential buyers have made offers to acquire the property.
The artsy neighborhood of Wynwood is in the midst of a major transformation, with major office, residential and retail developments in the works or recently completed.
“The [office] market has been incredibly strong since the fall of 2020, with a lot of new tenants coming to the market,” Yormak added.
East End Capital is also looking to sell the office building at 555 Washington Avenue in Miami Beach, which it owns with BentallGreenOak. JLL has the listing.