Robinson tells GlobeSt.com that he cannot comment further on the lease due to a confidentiality agreement, but says leasing activity in the Brickell submarket has been strong. "It's a very tight market right now, there is little space available and the new product is just barely under construction," Robinson says. "We've seen significant spikes in rent and I expect that to continue over the next 9 to 12 months."

According to a Jones Lang LaSalle Q3 office market report for Miami, nearly 118,000 sf of space was being marketed at 801 Brickell at the end of the quarter, largely located on three floors which will become available by mid-2007. The largest vacant block of space in the building was the entire 14th floor for nearly 18,000 sf, which was being marketed at $36 per sf. At the end of the quarter, the building was 91% leased.

According to the Jones Lang LaSalle report, there has been 142,816 sf of absorption of class A office space in the Brickell submarket. The vacancy rate is 7.3% with gross rents of $37.20 per sf. Other significant lease transactions in Brickell this year include Gencom's 12,000-sf lease at 801 Brickell, Citco Corporate Services' 11,000-sf lease at 701 Brickell and Carey Rodriquez et al's 7,500-sf lease at Espirito Santo Plaza.