The value of the lease was not disclosed, but based on the direct weighted average class A rental rate of $32.62 for the Brickell Avenue submarket, according to Cushman & Wakefield's fourth-quarter office report for Miami-Dade County, the lease is estimated to be valued at more than $8.7 million.
According to local litigator Thomas Tew, founding partner of Tew Cardenas, the firm plans to move into its new local headquarters this summer. At first, the firm's 105 Miami employees, 45 of whom are attorneys, will occupy the whole 15th floor and half of the 14th floor of the tower. The company also has room to expand on the 14th floor. The firm plans to expand its four main practice areas: real estate transactions, complex commercial litigation, governmental and regulatory affairs and bankruptcy and creditors' rights. Tew Cardenas currently has 33,000 sf on three floors at Downtown's Miami Center.
Cushman & Wakefield represented both Tew Cardenas and Millennium Partners in the transaction. Peter R. Harrison, a senior director for the company locally, represented Tew Cardenas, while Darryl T. Robinson, a director of commercial brokerage in the company's local office, represented Millennium Partners. Cushman & Wakefield is the exclusive leasing agent for the Four Seasons Hotel and Tower's 200,000 sf of class A office space. The Offices at Four Seasons Hotel and Tower is 90% leased. The main tenant is HSBC Bank USA, with 61,000 sf.
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