MIAMI-Nine-Ninety-Nine Brickell is bucking the flight-to-qualitymarket trend in downtown Miami, inking seven new leases totaling21,142 square feet in the past two quarters. The 1973 building isnow 80% occupied, in line with much newer downtown buildings.

|

CB Richard Ellis’ Noelle Steinfeld brokered the leases at the11-story, class B office building in the heart of Miami’s FinancialDistrict. About 20,000 square feet remains after Geico took down6,000 feet in August.

|

Other recent deals include Deltona Corporation and Corpag USA,which occupy nearly 5,000 feet. Aspen Insurance recently signed onfor 2,404 feet. Crawford and Company inked a deal for 2,477 feet.Lorusso Realty and Airport Shoppes signed for a combined 5,584square feet. The new leases make up 21% of the building’s squarefootage.

|

“In the past, 999 Brickell was marketing the floors as is,”Steinfeld tells GlobeSt.com. “When we took over the property in thefourth quarter of 2009 we advised the client to do these specsuites. That drove many of these deals because the smaller tenantscould walk in and touch the space—and they knew it was going to beready when they needed it.”

|

999 Brickell offers panoramic views of Biscayne Bay and thefinancial district. The property features ingress points along bothBrickell Avenue and Brickell Bay Drive, allowing tenants to bypassBrickell Avenue congestion while still providing access toInterstate-95, Miami-Dade County's major north-south arterialthoroughfare. 999 Brickell is also a block from Mary BrickellVillage with its retail shops and restaurants.

|

Although a large law firm may not be suitable for 999 Brickellbecause of the floor layout, smaller tenants find the space idealwith the infrastructure improvements and upgraded building image,Richard Schuchts, a senior vice president at Jones Lang LaSalle,tells GlobeSt.com. As he sees it, 999 Brickell is the exception tothe class B office space rule in downtown Miami.

|

“More often than not you are going to see B buildings losetenants to the newer buildings or even to the older class Abuildings,” Schuchts says. “As the new buildings pull the tenantsaway from the traditional class A buildings, the traditional classA buildings pull the tenants from the B buildings. 999 Brickell isdemonstrating the opposite of that trend.”

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.