MIAMI—It's not a new office tower, but it's become one of Miami's most stable and well-occupied buildings despite losing a major client in the downturn. Brickell Bay Office Tower just inked several new leases spanning 37,500 square feet to bring its occupancy rate to 92%.
The 32-story, class A office tower in Miami's Brickell Financial District inked 13 new leases. The largest was 13,000 square foot lease renewal with Mallah Furman & Company, one of South Florida's largest accounting firms. Seven transactions at the 280,500-square-foot office tower were renewals and/or expansions by existing tenants.
“While our leasing team has been successful attracting new users to the tower, we've always prioritized keeping our existing tenant base intact,” says Christian Driussi, vice president of Leasing at Brickell Bay Office Tower. “These latest renewals underscore how a well-maintained building benefitting from stable ownership and a premium location can compete for top-tier tenants with newer assets in the market.”
The transactions also coincide with a large-scale capital improvement program that has seen $3 million in upgrades to the building's common areas, a complete overhaul of its elevator system, and the installation of new chillers that will enhance the building's water and energy efficiency. Financial terms of the agreements were not disclosed.
New tenants include Mallah Furman & Co., P.A., law firms Stack Fernandez Anderson & Harris, P.A. and Ronald Haber, Barry Lieber Attorneys at Law, P.A. and Edwards Wildman Palmer, Hiscox, Ironshore Insurance Services, LLC, International financial services company Banif Finance USA, private equity firm The Equitium Group, Latin American market financial advisory firm Cobaltum Partners, private wealth company JTC Miami Corp., Lauderdale Tankers Corp., private banking institution DF Deutsche Forfait Americas, and IT firm MGNine.
Other tenants include global insurance giant AON Group, global technology/IT provider NEC Corporation, multinational integrated technology provider Syntel, international law firm Astigarraga Davis, the British Consulate, 1st United Bank, national bakery café chain Au Bon Pain, and publicly traded global strategic business advisory firm The Hackett Group.
Designed by the Luckman Partnership in 1985, Brickell Bay Office Tower offers floor plates ranging from 10,896 to 18,622 square feet. Amenities include an open-air marble atrium and lobby, beautifully-landscaped plaza area, on-site bank and ATM, lobby café, dry-cleaning and carwash services, 24-hour manned security, and a covered parking garage with an above-market ratio of three to one.
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