Former Brightline executive forms Miami office real estate company
New players want to play in South Florida’s office market.
The Orlando-based office management firm Parkway Property Investments, LLC launched Parkway Real Estate Services in Brickell on Wednesday, according to a press release. John Guitar and Phil Marchese, former Blanca Commercial real estate and railway executives, will provide office leasing, development, redevelopment, asset management and property management services for assets in Miami-Dade County and Broward.
Guitar will bring 25 years of market experience. He was most recently the managing director and vice chairman of Blanca, and before served as senior vice president of business development at Florida East Coast Industries where he oversaw development for Brightline and leasing activities for its stations in Miami, Fort Lauderdale and West Palm Beach.
Marchese has over a decade of experience, including working as the executive vice president of Blanca. He previously served as the director of leasing for Brightline and led leasing as well as programming for Miami Central.
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Developers in Miami-Dade County continue to service demand as companies relocate to South Florida. According to the third quarter 2019 Office Insight report by the real estate services firm JLL, Miami-Dade had 1,816,666 square feet of Class A and Class B office space under construction in the third quarter of 2019.
That’s the biggest boom in office construction since 2009, when the market had 1.9 million square feet of projects in the pipeline in Brickell and downtown, as well as another 460,000 square feet throughout the rest of Miami-Dade.
Companies are filling the spaces, and with demand up leasing rates in Miami-Dade increased by 5 percent from last year.
This story was originally published December 12, 2019 at 4:30 AM.
