MasterCard expanded to occupy two full floors leasing an additional 7,089 sf. Deep South of Florida, a 40-year-old insurance company, expanded and moved from 800 Brickell to a 4,332-sf space and investment company Simkin Management Inc. renewed its five-year lease for 2,559 sf.
Trammell Crow Co. vice president Noel Steinfield represented the building's landlord, TIAA-CREF, in the transactions. "One Brickell Square is still the pre-eminent business address in Miami and it makes sense for these growing companies to flourish there," Steinfield says.
The leases are reflective of strong leasing activity in the Brickell submarket of Miami. According to a CB Richard Ellis Q2 market report, vacancies are at their lowest levels in more than four years. The vacancy rate plunged from 12.59% in the first quarter to 9.99% in the second quarter. Average asking rents rose from $30.11 per sf to $30.44 per sf during the same time period. During Q2, class A average rents increased $1.53 per sf. At 801 Brickell Ave., the average rents rose from $32 to $35 per sf during the first quarter to $34 to $37 per sf during the second quarter, the report states.
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