MIAMI-Three leases totaling 78,000 sf and valued at an estimated $30 million have been signed at One Biscayne Tower, bringing the building’s occupancy to 93%.

The leases include two renewals: a 25,000-sf renewal by JP Morgan, which was represented by CB Richard Ellis broker Chris Coots, and a 29,000-sf renewal by Banco Bilbao Vizcaya Argenteria, which was represented by Newmark Knight Frank brokers Patrick Duffy and Shay Pope. In the third deal, Feldman Gale and Webber, PA leased 24,000 sf on the 30th floor of the building and was represented by Cresa Partners broker Charlie Barton. Taylor & Mathis broker Brian Gale represented the landlord in all the leases.

Gale tells that he has been representing One Biscayne Tower since 2004, when the building was 72% occupied. “The tenants are all high-profile, high quality tenants,” Gale says.

According to a Q2 CB Richard Ellis market report, office leasing in the Downtown market has been steadily improving since 2004. Since Q4 2004, the vacancy rate has plummeted from 16.8% to 9.6% in Q2. During that same time period, average asking rental rates have increased from $25.35 to $26.40 per sf. The market for class A office space is even tighter. During Q2, the vacancy rate for class A space was 6.5% with an average asking rental rate of $34.14 per sf.

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