MIAMI—Despite more than 1 million square feet of new office space inventory coming online in 2010—and despite losing an anchor tenant that had a $58 million dollar lease on 15% of the building in 2009—Brickell Bay Office Tower has reached 97% occupancy. Brickell Bay inked nearly 40,000 square feet of leases in 2012.
The 32-story, class A office tower in Miami’s Brickell Financial District executed transactions totaling 38,360 square feet of office space. In all, 11 leases were finalized at the 280,500-square-foot office tower. More than 22,000 square feet was taken by companies that are new to the Downtown Miami/Brickell market.
“Brickell Bay Office Tower has kept its leadership position in the market by retaining the bulk of its tenant base and bringing in new users from South Florida and beyond,” says Christian Driussi, vice president of leasing for Brickell Bay Office Tower. “Of the tenants we’ve signed this year, more than half are new to the South Florida area.”
After the devastating loss in 2009, the company has consistently maintained an above average occupancy rate of 90%-plus over the last three years. Part of Brickell Bay’s success is its ability to cater to small- and mid-sized businesses. The tower offers wide-open floor plates ranging from 10,896 to 18,622 square-feet, whichi is rather unique to Downtown Miami’s office scene.
Another part of Brickell Bay’s success is an aggressive capital improvement program. Ownership is investing $2.8 million to upgrade the building’s corridors, common areas, and elevator system. Over the past year, the building has seen installation of glass sculptures in the tower’s lobby and atrium, the additional of new outdoor seating in a landscaped patio, and updated design finishes.
New additions to the building’s tenant base include financial services provider Domus Prime Services, Global technology/IT provider NEC Corporation, international sports media rights agency MP & Silva, and law firms Alvarez, Arrieta & Diaz-Silveira, and Tom Manos P.A. Long-term tenants include AON Group, the British Consulate, Latin Trade Media Group and national bakery and café chain Au Bon Pain.