Southeast Financial Center Strengthens Status as Legal Hub

MIAMI-Southeast Financial Center has inked two tenant deals spanning 39,389 square feet in the state’s tallest office tower. That brings 2011’s lease total to 97,000. The new leases continue a leasing trend there: law firm deals.

On the heels of a spree of new-to-market and existing legal tenant transactions, two of the building’s prestigious legal tenants reaffirmed their commitment: Morgan, Lewis & Bockius, the 14th largest national law firm by headcount, has signed a 33,589-square-foot renewal on the 52nd and 53rd floors and Bercow Radell & Fernandez signed a renewal for 5,800 square feet on the eighth floor.

Miami has grown to be a hub for global legal activities, with 27 of the top 200 law firms officing in the Magic City, according to Don Cartwright, senior vice president at Jones Lang LaSalle and director of leasing for the Southeast Financial Center. Of those, nine reside at Southeast Financial Center, five of which are among the top 20 law firms in the world. And the building’s tenant base comprises more than 25% of the building.

“Our firm has been in Miami for nearly 35 years,” Mark Zelek, the office managing partner for Morgan Lewis’ Miami office, said in a statement. “Southeast Financial Center is the ideal South Florida location from which to continue serving our large corporate clients in Miami and around the world.”

Morgan, Lewis & Bockius was represented by Glenn H. Gregory, senior vice president with Jones Lang LaSalle’s tenant advisory group. Bercow Radell & Fernandez was represented by Ryan Grindler with Terranova.

“One of the biggest challenges in lease renewals in today’s market is managing the expectations of tenants and brokers regarding what is a ‘market deal,’” Cartwright says. “This is particularly true since many of the sweetheart deals have already been done and concessions are starting to fade.”

Southeast Financial Center has been preparing for today’s market, one that saw several new buildings come online during the economic downturn. 600 Brickell just added another 500,000 square feet of office space. Southeast Financial Center, however, is debt free and has undergo a capital investment program to maintain its aesthetic, environmental and technological appeal.

“These initiatives have leveled the playing field of ‘newness,’ enabling Southeast Financial Center to obtain the first LEED Gold EBOM certification in Miami, enhancing the tenant experience through a multi-million dollar renovation to the plaza, restrooms and common areas of the multi-tenant floors,” Cartwright says. “And, as of this month, we began a 17,000-square-foot complete renovation to our east, west and lower lobbies.”