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Italian Fashion School Opening First U.S. Campus in Miami

Istituto Marangoni Leasing Nearly 22,000 SF on Second Avenue
January 26, 2018
Istituto Marangoni, an Italian fashion and design school, is opening its first U.S. location in Miami after leasing the entire seven-story building at 3700 NE Second Ave.

The Miami-Dade Beacon Council, the county's economic development arm, said the school's 21,957-square-foot campus will create 35 full-time jobs over three years with an average salary of $85,000. It also brings $10 million of investment into the city and, "Further asserts Miami’s position as a global player in the fashion industry," the council said in a statement.

"Over the last few decades, Miami, and the Design District, in particular, has risen to worldwide fame as a prime global destination for the arts, design and fashion," Istituto President Hakan Baykam said. "It was an organic step for our first U.S. location to be in Miami, and we’re excited to bring cutting-edge Italian fashion and design education to a diverse student body from across the world."

Istituto Marangoni opened in 1935. It has 10 campuses worldwide, including Milan, London and Shanghai.

San Francisco-based Stockbridge Capital Group LLC bought the Miami building from Alex Karakhanian in December for $22 million, or about $1,000 per square foot, CoStar data shows. The Institute of Contemporary Art was the previous tenant, but its lease expired in November.
See CoStar COMPS #4085084.

Beacon Council CEO Michael Finney said the global fashion industry is projected to grow as much as 4.5 percent this year, with higher rates expected in Latin America.

"Given the rise of Miami’s Design District as a hub for luxury fashion retailers and the importance of Miami as a major gateway to Latin American economies, we foresee the opening of Istituto Marangoni’s Miami campus as an important step into tapping into this global industry growth," he said.

The creative design industry has a $1.43 billion economic impact on the Miami economy, according to the council.



Paul Owers, South Florida Market Reporter  CoStar Group   
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