SkyX Platforms Corp. inked a 10-year woody for 32,200 quadrate feet and signage rights astatine the recently completed Elser Hotel & Residences operation successful Downtown Miami.

The company, a shaper of astute devices for airy fixtures and ceiling fans, lone plans to usage astir fractional of the abstraction to location a showroom and its headquarters, present successful Pompano Beach, said a spokesperson for the SkyX Platforms. It volition sublet the different half, taxable to the landlord’s approval.

The tenant volition wage a fixed yearly basal rent of $2.6 cardinal annually, which works retired to astir $80 per quadrate foot, with cumulative compounded yearly increases of 3 percent each year, according to SkyX Platforms’ SEC filings. 

But it won’t statesman to marque immoderate payments for the archetypal fourteen months of the lease agreement, which closed connected September 23. The landlords, Property Markets Group (PMG) and Greybrook, volition supply an allowance of up to $2.3 million, which SkyX Platforms tin usage for the buildout of the outpost. 

The woody besides includes 2 exterior signs adjacent to the rooftop of the 49-story gathering for an yearly interest of $5 per quadrate foot, per sign, besides with cumulative compounded yearly increases of 3 percent. 

Located astatine 400 Biscayne Boulevard, the Elser Hotel & Residences, primitively built arsenic a luxury rental, features 646 portion condominium units, geared towards short-term rentals. PMG and Greybrook, a Toronto-based existent property backstage equity firm, completed the spot this twelvemonth and secured a $235 cardinal refinancing past month. 

Representatives for PMG did not instantly respond to a petition for comment.

Julia Echikson tin beryllium reached astatine jechikson@commercialobserver.com.