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MIAMI-In perhaps the largest lease of its kind in sf signed in South Florida this year, Wachovia Bank NA inked a deal extending its 137,807-sf retail and office space lease at Wachovia Financial Center in the downtown area, an additional 10 years.

The value of the lease was not disclosed. However, based on the direct weighted average class A rental rate of $33.73 per sf in the downtown submarket, according to Cushman & Wakefield’s third-quarter office overview for Miami-Dade County, the lease is estimated to be valued at close to $45 million.

Wachovia’s lease at the 55-story, nearly 1.2 million-sf building, located at 200 S. Biscayne Blvd., lasts through 2017. Wachovia, which has been the building’s anchor tenant since 1992, operates a 42,000-sf branch on the first floor and houses its corporate offices on five floors there.

“Wachovia has a long-term commitment to Miami and its future, which is further demonstrated by our signing this significant lease,” Carlos Migoya, Wachovia’s regional president for Miami, said in a statement.

Tim Prunka, senior vice president of real estate brokerage and management for CB Richard Ellis, and Danet Linares, a senior associate with CBRE, represented SRI Miami Venture LP, the owner of Wachovia Financial Center, in the transaction.

“Many high-profile building owners and brokers courted Wachovia,” according to Prunka. “This extension represents a strong endorsement of downtown Miami and follows on the heels of decisions by major firms such as White & Case and Ernst & Young to remain in downtown Miami and at Wachovia Financial Center.”

Publicly traded Wachovia Corp., a financial services provider, has assets of $389 billion and stockholders’ equity of $33 billion as of September 30.

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