Starwood Property Trust Miami Beach Headquarters Tops Off

Rhea-AI Summary

Starwood Property Trust (NYSE: STWD) announced the topping off of its new corporate headquarters at 2340 Collins Avenue, Miami Beach, a 144,430-square-foot 'Class A' office building, expected to be completed in late 2021. Starwood will occupy approximately 55% of the space. The development involves a $76 million construction loan from Citizens Bank and aims for LEED Gold and Wellness certifications. The building will include amenities like outdoor terraces and retail space, promoting tenant connectivity and sustainability, enhancing Miami Beach's evolution into a mixed-use community.

Positive

• Completion of the new headquarters project is a significant milestone.
• The building is designed to LEED Gold and Wellness standards, promoting sustainability.
• Starwood will occupy 55% of the space, ensuring long-term presence in Miami Beach.
• Project secured a $76 million construction loan, indicating financial backing and viability.

Negative

• None.

MIAMI, Dec. 7, 2020 /PRNewswire/ -- Starwood Property Trust (NYSE: STWD), an affiliate of Starwood Capital Group ("Starwood Capital"), a global private investment firm focused on real estate and energy investments, and developer partner Integra Investments, the Miami-based real estate investment and development company, announced today that construction for 2340 Collins Avenue in Miami Beach has topped off. Upon anticipated completion in late 2021, the 144,430-square-foot, 'Class A' office building will serve as Starwood Property Trust's corporate headquarters, where the firm will occupy approximately 55-percent of the square footage in the six-story east building and part of the west building.

The building's remaining space, which approaching full occupancy, will be leased to third party tenants with a focus on family offices. It will be ringed by greenery and feature an array of outdoor wood clad "cabanas" on each floor, as well as a fourth-floor garden.

A special "topping off" celebration for this significant project milestone was hosted at the site on December 4 by CoastalBrodson, a joint venture of two premier South Florida builders, the project's general contractor. The development team previously secured a $76 million construction from Citizens Bank. Designed by architectural firm Gensler, with interiors by Clive Lonstein, Inc., the building will be occupied by 300 employees and feature 8,000 square feet of ground floor retail, as well as a 277-space parking garage with valet service.

"We are thrilled to reach this milestone in the development of Starwood Property Trust's new headquarters in Miami Beach," said Barry Sternlicht, Chairman and CEO, Starwood Capital Group and Chairman and CEO, Starwood Property Trust. "We look forward to calling this incredible city our home for years to come and, on behalf of all of us at Starwood Capital, I am tremendously grateful to everyone who played a role in the design, financing and construction of this innovative project."

"We are proud of our development team as we bring this project a step closer to fruition with the completion of vertical construction," said Integra Investment Principal Nelson Stabile. "As an innovative building in the heart of Miami Beach, it embodies a modern urban lifestyle just one block from the ocean that is tremendously well thought out and highly sophisticated in design."

Bringing world-class, 'Class A' office design to Miami Beach, the first of its kind to the sub-market in nearly a decade, 2340 Collins Avenue will be an urban oasis offering the latest trends in modern work life. Its design pays homage to the area's rich architectural history of Art Deco style, yet contemporizes its features with a modern glass window façade.

Natural elements and expressed stucco floor plates seamlessly blend with lush landscape and water features, inspired by Starwood Capital Group's hospitality roots, who designed, owned and continue to operate the adjacent award-winning 1 Hotel South Beach, and home base heritage. All encompassing, the building sets a standard for Miami Beach's continued evolution into a thriving mixed-use community. 

Permeating into every corner of the project is the promotion of tenant connectivity with open paseos, an outdoor office terrace amenity, and collaborative spaces that extend the workplace outside. With wellness at its cornerstone, the building welcomes a new wave of sustainability in all facets, seeking LEED Gold and Wellness certifications.

In a prime location, where business meets the beach, 2340 Collins Ave provides swift accessibility to Alton Road and Indian Creek, affording the ability to avoid nearby traffic congestion. The property neighbors 1 Hotel & Homes and The Gates Hotel South Beach within the Collins Park neighborhood, which is undergoing transformative improvements that include its city streetscape.

About Integra Investments

Integra Investments is a Miami-based private equity and full-service real estate development company that caters to institutional investors and high-net-worth individuals. As part of its services, the company conducts acquisitions, development, construction management and asset management for real estate ventures in Florida. Their focus is on the residential, land, office, and mixed-use asset classes, targeting high, value-add opportunities in niche markets. Integra Investment's ability to execute is one of its major strengths. For more information, visit www.integrafl.com.

About Starwood Property Trust

Starwood Property Trust (NYSE: STWD), is a leading diversified finance company with a core focus on the real estate and infrastructure sectors. An affiliate of global private investment firm Starwood Capital Group, the Company has successfully deployed over $65 billion of capital since inception and manages a portfolio of over $17 billion across debt and equity investments. Starwood Property Trust's investment objective is to generate attractive and stable returns for shareholders, primarily through dividends, by leveraging a premiere global organization to identify and execute on the best risk adjusted returning investments across its target assets. Additional information can be found at www.starwoodpropertytrust.com.

About Gensler

Gensler is a global architecture, design, and planning firm with 50 locations and more than 6,000 professionals networked across Asia, Europe, Australia, the Middle East, and the Americas. Founded in 1965, the firm serves more than 3,500 active clients in virtually every industry. Gensler designers strive to make the places people live, work, and play more inspiring, more resilient, and more impactful. The firm continues to set the bar as an industry leader, being ranked as both the #1 Firm and Most Admired Firm by Interior Design, Architectural Record, and Building Design Magazine. Gensler is consistently ranked as a Glassdoor Best Place to Work, and the firm garnered more than 200 design excellence awards last year.

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SOURCE Starwood Property Trust, Inc.

FAQ

What is the significance of the topping off of Starwood Property Trust's headquarters?

The topping off indicates the completion of structural work on the new headquarters, marking an important milestone in the project.

When is the anticipated completion of the new Starwood headquarters in Miami Beach?

The new headquarters is expected to be completed in late 2021.

What is the size of the new Starwood headquarters building?

The new headquarters at 2340 Collins Avenue is 144,430 square feet.

How much of the new building will Starwood occupy?

Starwood will occupy approximately 55% of the new headquarters building.

What kind of financing did Starwood Property Trust secure for its headquarters?

Starwood secured a $76 million construction loan from Citizens Bank for the headquarters project.