CB Richard Ellis senior associate Susan Thomas represented thetenant in the transaction. Steven Smith, of the Hogan Group,represented the landlord, TIAA-CREF. The company's currentlyoccupies approximately 9,000 sf at 701 Brickell. FirstBank willoccupy the eighth floor at 701 Waterford, a 247,000-sf class Aoffice building located within the Waterford at Blue Lagoon park.The property is one of the tallest and largest in the airport areaand features amenities, such as banking, conference facilities, aday care center, fitness center and on-site restaurant.

"In many instances, occupancy-related expenses rank just behindlabor as the second-highest fixed cost of running a business,"Thomas says. "Therefore, we were very thorough in exploringdifferent scenarios for FirstBank Florida. Through creative problemsolving and transaction structuring, as well as sophisticatedanalytical models, we were able to find the optimal solution totheir real estate requirements."

The lease is the latest example of a tenant opting for space inthe busy Airport West-Dade submarket. Over the past two years,vacancies have decreased from 17% to 10.8%. Average asking rentshave almost increased by $3 per sf. "With demand for spaceincreasingly outpacing supply it is essential for tenants toreexamine their real estate requirements," Thomas says. "By helpingour clients build internal consensus regarding their real estatestrategy at an early stage, we are able to maximize the tenants'leverage and credibility."