1221 Brickell Gains 32% Occupancy

MIAMI—In one of the most dramatic commercial real estate downturns in this cycle, a flurry of leases are breathing new life into 1221 Brickell. The office tower inked 14 leases totaling 50,000 square feet in 2012. Now, new retailers are bringing street-level activity to the heart of Miami's business and financial district.

Jones Lang LaSalle executive vice president Scott Strickland and senior vice president Grant Killingsworth manage leasing for 1221 Brickell. Equities Office Properties Trust owns the office tower.

Here's the backstory: Greenberg Traurig announced it would relocate in 2010, leaving 150,000 square feet of office space vacant. Since then, JLL has completed 28 lease transactions totaling approximately 140,000 square feet, nearly doubling the building's occupancy rate from 38% in 2010 to 70% today.

2012 transactions included leases with Bank of New York Mellon, Allen, Dyer, Doppelt, Milbrath & Gilchrist, P.A.; US Media; Schimmel, P.A.; INTL FCStone; Liberty Mutual Insurance; and Lydecker Diaz. Existing tenants in the building include Gray Robinson, Royal Sun Alliance, Banco Popular, JLT Re, and Regus Office Centers. 1221 Brickell also attracted several restaurant and retail tenants, including: Jimmy John's, Vapiano, Giardino Salads, and Tiniciti Preschool.

“Just as the Brickell Financial District is emerging as an urban dining and retail hotspot, 1221 Brickell is quickly becoming a go-to dining destination,” says Strickland. “Beyond providing a valuable amenity for our tenants and their guests, the three restaurants that opened in 2012 are also serving area residents, neighboring hotel guest and businesspeople. 1221 Brickell is becoming a retail anchor along Brickell Avenue—and that trend is supporting our efforts on the office leasing front.”

Of course, $7.4 million worth of capital improvements helped the tenant recruiting cause. Common areas have been renovated in recent years and environmental upgrades have earned the property LEED Silver certification and the U.S. Environmental Protection Agency's prestigious Energy Star rating.

“Ownership's commitment to ongoing capital improvements, an unmatched location at the center of the Brickell Financial District, and a gradually strengthening office market have spurred a dramatic turn of events at 1221 Brickell,” says Killingsworth. “We have nearly doubled the building's occupancy in just two years by backfilling 140,000 square feet of office space with a diverse roster of credit tenants—and we expect to continue growing occupancy in 2013.”