Miami Attracting More New-to-Market Tenants

MIAMI—There is plenty of new-to-market tenant demand for premium class A office space in Miami, particularly in Miami's urban core. The latest example is at Sabadell Financial Center, a 30-story building, located at 1111 Brickell Avenue in the heart of the Brickell Financial District. Financial terms of the agreements were not disclosed.

Tere Blanca, Danet Linares, and Juan Ruiz of Blanca Commercial Real Estate, exclusive leasing agent for Sabadell Financial Center, represented the building's ownership in 25,480 square feet of transactions to five tenants—including three companies new to the Miami market.

The building's newest users include national law firm Kelley Kronenberg (14,699 SF); ABS Holdings (4,040 SF); and oil refinery company Metals (1,466 SF). Insurance brokerage Howden (3,336 SF) and financial services firm Canepa (1,939 SF) renewed leases. Shay Pope of CBRE and Brad Chrischilles of CNL Commercial Real Estate represented Kelley Kronenberg; Rashid Siahpoosh of NGKF represented ABS Holdings; and Pedro Hernandez of Engel & Völkers represented Metals.

“This latest string of new-to-market leases is more evidence of Brickell Avenue's growing appeal among domestic and multinational companies that want to do business in the US, South Florida, and Latin America,” says Blanca, president and CEO of Blanca. “Once a prospective tenant targets the Brickell submarket, 1111 Brickell Avenue stands out for its central location, convenient access, and unique amenities including tenant concierge services.”

The news of Sabadell Financial Center's newest tenants continues a winning streak of leasing activity, with nearly 24,000 square feet of transactions completed in the first quarter of 2015 and about 50,000 square feet completed year to date. The office building is home to some of Miami's most prominent companies including Sabadell United Bank, Telefonica USA, Ferragamo, Regus, and the law firms of Hunton & Williams and Baker & McKenzie.

“In Miami's competitive office market, class A amenities and white glove service for tenants set Sabadell Financial Center apart,” says Ruiz, executive vice president of Blanca. “Add the building's location between Brickell Avenue and Brickell Bay Drive and its proximity to numerous top hotels, restaurants and retail shops, and it's no wonder why Sabadell Financial Center continues to attract and retain quality tenants.”

Brickell City Tower, a 33-story office building in the heart of Downtown Miami's Brickell Financial District, is also adding new-to-market tenants. Uber, an affordable transportation option that competes with traditional taxi services, is a new-to-market tenant, leased 9,333 square feet of space for its new Miami headquarters.