WYNWOOD DRUMS UP MORE BUSINESS, WITH SONY MUSIC COMING TO THE NEIGHBORHOOD
MEDIA CONTACT:
Daniella Aragon-Andre
Levy Public Relations
October 18, 2023
Wynwood hit the right note for Sony Music. The entertainment company has signed the largest office
lease in the trendy Miami neighborhood so far this year, proving creatives want to partake in the
renaissance there. Sony will join creative companies in Wynwood, including TikTok, Spotify and Live
Nation. Sony Music, known formally as Sony Music Entertainment, is going to take 45,000 square feet
over two floors in the 10-story office building 545 Wyn at 545 NW 26 St., according to multiple sources
familiar with the deal. The company is expected to move in by summer 2024. Sony intends to
consolidate a few offices around South Florida into that one building in Wynwood. It is among the
largest new office leases in Miami-Dade County so far this year, according to the Colliers’ third quarter
office real estate report for the county. Greenberg Traurig law firm signed the biggest office lease
renewal, with its 128,450 square feet at the Wells Fargo Center in downtown Miami.
The Japanese corporation Sony has several offices across the United States, including its American
headquarters in New York. Sony Music is considered to be one of the Big Three record companies, after
Universal Music Group and ahead of Warner Music Group. “Wynwood is centrally located,” said Stephen
Rutchik, executive managing director for office services at Colliers. “It allows for the accessibility and
walkability. It also provides companies with an identity that is different from downtown and Coral
Gables. Wynwood has a cool factor. It has an appeal to a workforce.” Corporate expansions in and
relocations to South Florida slowed this year after the pandemic frenzy, but firms already in the market
or from out of state continue to ink large office leases, real estate sources said. “Overall in South Florida
we are continuing to find a migration of new-to-market tenants continuing, although at a more
measured pace than in 2021 and 2022,” Rutchik said. “The tenants that are coming are Fortune 100
companies. They are taking substantial space compared to our traditional tenants.”
Blanca Commercial Real Estate handles commercial leasing activity at the 545 Wyn office building, and
Newmark executive managing directors Lance Benson and Maury Gentile represented Sony Music in its
lease deal. Both teams declined to comment about Sony’s lease agreement. Typically, companies pay a
premium for office space in Miami’s hot areas. Wynwood and the adjacent Design District area have an
average direct asking lease rate of $79.69 per square foot, roughly 35% higher than the average of
$52.06 per square foot for Miami-Dade, according to the latest Colliers office market report. Those two
areas have 2.1 million square feet of office space and another 640,330 square feet with projects like the
Wynwood Plaza in the pipeline. The county has 5.4 million square feet of total office lease inventory.
