Audemars Piguet, based in Le Brassus, Switzerland, has secured 11,841 square feet on the top floor of the under-construction Five-story office and retail building, Eighteen Sunset, located at 1752 Bay Road. This space will serve as an AP House, a concept designed for intimate browsing, socializing, and entertaining for both existing and potential Audemars Piguet clients, as stated in a release by Colliers International.
AP House is scheduled to open its doors in the South Beach location in 2024, marking its 16th location globally. Other AP House retail lounges can be found in major cities like Los Angeles, New York, Zurich, London, Madrid, Milan, Munich, Barcelona, Tel Aviv, Shanghai, Hong Kong, Bangkok, and Tokyo.
Occupying two-thirds of the penthouse floor, AP House will offer stunning views of Biscayne Bay and Downtown Miami through floor-to-ceiling windows and wrap-around balconies. The space will also include a ground-floor lobby with private elevators leading to the top floor.
Eighteen Sunset, designed by Miami Beach-based Domo Architecture + Design, is being developed by Deco Capital Group, led by developer Bradley Colmer, and the family office of American billionaire investor Marc Rowan. The building, funded in part by a $60 million construction loan from Miami-based City National Bank, will consist of approximately 40,000 square feet of office space and 15,500 square feet of ground-floor retail. The penthouse, with about 15,000 square feet of outdoor space and expansive gardens, was previously noted as an exclusive residence.
Other confirmed tenants at Eighteen Sunset include sushi restaurant Uchiko and Pretium Partners, a New York-based financial firm with around $50 billion in assets under management. Pretium will lease 11,591 square feet of office space on the fourth floor.
Asking rents for the remaining office space at Eighteen Sunset are above $100 per square foot, making it a premier choice for high-profile business executives and top retail brands coming to the area.
Miami Beach is experiencing high demand for office space, particularly among wealthy investors and business executives residing in the city’s affluent neighborhoods. Notable figures, like Starwood Capital Group founder Barry Sternlicht, have even opted to build their own offices in the area. The average asking rent in Greater Miami Beach was $61.33 per square foot in the third quarter of 2023, with a vacancy rate of 8.3%. Comparatively, Miami-Dade County’s vacancy rate is 9.3% with asking rents at $52.06 per square foot. For retail spaces, the average asking rent in Miami-Dade County was $44.33 per square foot in Q3 2023, while in the Greater Miami Beach submarket, it was $77.38 per square foot.
