Once-Struggling Miami Tower Continues Wooing Legal Tenants

MIAMI—Law firms continue to dominate new deals, renewals and expansions at Miami Tower. The Downtown Miami office building just inked another 21,753 square feet worth of leases at 100 S.E. 2nd Street—and law firms took down most of it.

The recent lease transactions included: Diaz Reus & Targ, LLP, an international law firm; Diaz, Briscoe, Medina, PA, a newly formed law firm; and Brickell Asset Management LLC, an aviation leasing company. The building is now more than 85% occupied. It was in the mid-70s when Transwestern took the assignment in Dec. 2010, demonstrating how the market—and this building—has seen some recovery.

“Law firms are seeking or retaining presence in downtown because the area is ripe with new amenities and a vibrancy that is attractive to the workforce and client base,” Gordon Messinger, vice president with Transwestern, the exclusive leasing agent for Miami Tower, tells GlobeSt.com. “Direct attractions of Miami Tower to the legal community are its unique floor plate offerings, which can provide full-floor presence at 14,000 square feet—as opposed to the traditional 20,000 square foot minimum—and its close proximity to the courthouse and ease of access to and from I-95, making for a more efficient billable day.”
 
The 618,990-square foot, 47-story class A office tower is one of the world’s most recognized office buildings in Miami’s famed skyline thanks to its changing palette of exterior lighting schemes, which alter to seasonal, city, sports, and private events. It was designed by the legendary architect I.M. Pei.

“I do believe there is a slight net-net positive effect currently within the recent leases taking place,” Messinger says. “It is clear that the Swire and Genting developments are elevating a level of optimism for Miami's future. New jobs, industries and expansions of current sectors are all going to take shape in the coming years and have a tremendous positive effect on the entire landscape for commercial office leasing.”