Miami Tower Sees Professional Services Firm Rush

MIAMI-Miami Tower is getting plenty of action in a recovering Miami office market. The tower just attracted 57,196-square-feet of leases.

Law firms Genovese Joblove & Battista, and Ver Ploeg & Lumpkin, and accounting firm Fabricant Morton & Company have reaffirmed their commitment to the Miami market by expanding their footprint within Miami Tower. Transwestern handled the leases on behalf of Miami Tower, which is 84% occupied.

Genovese Joblove & Battista signed a long-term renewal and expansion totaling 31,597 square feet, occupying more than two full floors in the upper bank of the building. Ver Ploeg & Lumpkin signed a long-term renewal and expansion totaling 22,667 square feet, occupying more than a full floor. And Fabricant Morton & Company signed a renewal and expansion for 2,932 square feet.

“Given the current availability in the building, we were fortuitous in that each expanding tenant was able to grow either into a contiguous space, a contiguous floor or minimally within the same elevator bank,” Gordon Messinger, a vice president with Transwestern, tells GlobeSt.com. “This allowed for minimal to no business interruption which is essential in today’s demanding market.”

The 600,000-square foot, 47-story class A tower is one of the world’s most recognized office buildings in Miami’s famed skyline due primarily to its changing palette of exterior lighting schemes, which alter to seasonal, city, sports and private events. The building was designed by I.M. Pei.

In today’s economic climate, Messinger says tenants are respond to stability. The Miami Tower was recently acquired by a solid institutional owner.

“The biggest challenge in today’s market remains the extensive availability of alternative spaces,” Messinger says. “However, these renewals and expansions point to the fact that strong ownership, amenities and value can serve as the catalyst to properly position an asset for success.”