In a lease deal expected to create at least 62 new jobs, Ohio-based custom clothier Astor & Black will relocate its corporate headquarters to the top floor of the Miami Herald´s landmark Broward County bureau building, along I-75 in Pembroke Pines.
Darcie Lunsford of Butters Group represented the Miami Herald and building ownership, a partnership between Coconut Creek-based Butters Group and Boca Raton-based Milhous Group, in the transaction.
Kimberly Barbar of Stiles Corp. represented Astor & Black.
Financial terms of the seven-year deal were not disclosed. Astor & Black is expected to move into its new 22,294-square-foot home in August after an investment of $1.475 million in renovations, technology infrastructure, and equipment.
“Among the reasons Astor and Black was attracted to South Florida was its ability to recruit great talent to this area,” Barbar said. “Premier signage and agreeable parties made this a win-win transaction for all involved.”
The 46,000-square-foot building at 2010 NW 150th Avenue is highly visible from I-75 and was developed by Butters in 2000 for the Herald.
But as the newspaper landscape changed, so did the Herald´s space needs.
“The Herald wasn´izing all that space anymore, but still had several years left on its lease,” Lunsford said. “With the building´s prime perch overlooking I-75 in the heart of Broward´s western suburbs, I knew we could find a taker for all or part of the space. This deal allows the Herald to slip into a more size-appropriate home while securing a dynamic, long-term tenant for Butters and its partner. ”
The Herald will relocate its Broward news, advertising, and support staff into 3,100 square feet in the adjacent building at 2000 NW 150th Avenue, also owned by the Butters partnership.
Astor & Black has been approved for $554,000 in state and city incentives. The privately held clothier is backed by Castanea Partners, a $500 million private equity firm that specializes in early stage retail concepts. Astor & Black recently recruited Richard Dent, former COO of Victorias Secret Pink brand, as its new co-CEO to roll out a major expansion of its custom clothing services across the United States and Canada.