Smart device maker SkyX takes over 2 floors in downtown Miami Tower – Commercial Observer

Smart device maker SkyX takes over 2 floors in downtown Miami Tower – Commercial Observer

SkyX Platforms Corp. signed a 10-year contract for 32,200 square meters and signage rights at the newly completed Elser Hotel & Residences tower in downtown Miami.

The company, a maker of smart light fixtures and ceiling fans, plans to use only about half the space to house a showroom and headquarters, now in Pompano Beach, a SkyX Platforms spokesman said. The other half will be subleased, with the consent of the landlord.

The tenant will pay a fixed annual base rent of $2.6 million per year, which is approximately $80 per square foot, with a cumulative annual increase of 3 percent each year, according to SEC filings by SkyX Platforms.

But he will not begin making any payments for the first fourteen months of the lease, which concluded on September 23. Property Markets Group (PMG) and Greybrookwill provide up to $2.3 million, which SkyX Platforms can use to build the outpost.

The deal also includes two outdoor signs near the roof of the 49-story building for an annual fee of $5 per square foot, per sign, also with cumulative annual increases of 3 percent.

It is located at 400 Biscayne Boulevard, Elser Hotel & Residences, originally built as a luxury rental, has 646 condominium units, intended for short-term rentals. PMG and Greybrook, a Toronto-based real estate company, closed on the property this year and secured a $235 million refinancing last month.

Representatives of PMG did not immediately respond to a request for comment.

Julia Echikson can be reached at [email protected].

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