Anheuser-Busch Picks This Brickell Tower

MIAMI—Anheuser-Busch just signed a 63-month lease on 3,218 square feet of second floor office space at 800 Brickell. The office space comes equipped with a rare feature in this submarket: a 2,000-square foot balcony, a rare feature in this submarket.

“As one of the nation's top brewery companies, Anheuser-Busch's lease reinforces 800 Brickell's status as a premier business center with direct access to key transportation nodes and high quality retail,” says Stiles Realty associate Jennifer Doering. “For Anheuser-Busch, the suite's 2,000-square foot balcony was a strong draw as it provides an open-air entertainment space and unobstructed views of the city. Opportunities like this are scarce in Brickell.”

Doering represented the landlord in the lease. Fairchild Partners senior vice president Tony Puente and DTZ senior managing director Jay Holland represented Anheuser-Busch.

The lease brings the 209,122-square-foot 800 Brickell's occupancy to about 90% at the office building. The landlord has seen over 30,000 square feet of office space leased to national and international tenants like Moss Construction, Zenith Media Services, and American Land Ventures in the last year alone. Other tenants include Conde Nast America, Prudential Insurance Company of America, State Trust Group, Conill/Saatchi and Saatchi Advertising, and Total Bank.

“As the market continues to tighten, 800 Brickell stands out as a high quality option with a 'main-on-main' address and great amenities, such as Au Bon Pain in the lobby,” says Doering. “The property is positioned in the epicenter of activity being only one block from Mary Brickell Village and across the street from the Brickell City Centre project.” Indeed, 800 Brickell's success comes as some are questioning whether Brickell will ever see another office development.

As Doering sees it, the market recovery has stimulated demand at the property, and that many tenants are opting for early renewals to secure longer terms on their leases as options become more limited. According to Stiles Realty' latest Miami report, office demand in Brickell is increasing while the opportunity for tenant concession packages is starting to decline.

The Stiles report noted the waning of typical incentives, such as free rent offerings, which became popular during the downturn. Additionally, the Brickell market is benefiting significantly from increased tenant expansions and new-to-market tenants, signaling long-term strength.

“As the supply that was created during the recession gradually absorbed, asking rates for most buildings have risen to a level slightly higher than were quoted in the first half of 2008,” Donald Cartwright, senior vice president of JLL, tells GlobeSt.com.“In particular, leases that were signed in early 2008 are generating even higher rents due to escalation clauses in the leases, which we believe is more indicative of what we will see moving forward.”