1450 Brickell office tower has reached 91% occupancy just two years after opening its doors, with half of the building’s tenants being new additions to the South Florida market.
The office tower, which opened in spring 2010, achieved the 91% occupancy mark upon completing four new office leases totaling 55,300 square feet of office space. The building has leased a total of 530,000 square feet to date.
The building’s ownership, Rilea Group, finalized leases with accounting firm Morrison, Brown, Argiz & Farra; independent international shopping community Lyoness America, Inc.; and holding company Miami International Holdings. In addition, a lease expansion was signed with the Bilzin Sumberg law firm, which was the tower’s first tenant.
All told, 1450 Brickell has completed 23 leases with new-to-market users, accounting for 49% of the building’s current tenant roster and reflecting Miami’s growing prominence as a global business hub. In the newest batch of leases, Lyoness America and Miami International Holdings are new-to-market tenants, meaning their leases will result in positive absorption for the Downtown Miami/Brickell office market.
The tower has served as a gathering place for Miami’s business and civic community. In the past year, it has hosted First Lady Laura Bush, US Senator Mel Martinez, JP Morgan Chase CEO Jamie Dimon, University of Miami President Donna Shalala, investor Sam Zell, and others.
The new slate of leases at 1450 Brickell continues a steady string of transactions that have seen the tower attract top-tier tenants, including JPMorgan Chase, American Express, H.J. Heinz Company, BBVA Compass, BNY/Mellon, Swiss Re America, H.I.G Capital, Holiday Fenoglio Fowler (HFF), City National Bank, Longchamp USA, and law firm Berger Singerman.
“1450 Brickell has been particularly successful in attracting premium tenants from outside the market,” said Tere Blanca, president and CEO of Blanca Commercial Real Estate, the building’s exclusive leasing agent. “Of the 47 tenants we’ve signed to date, nearly half are new to the South Florida area.”
Tere Blanca and Danet Linares of Blanca Commercial Real Estate represented landlord 1450 Brickell, LLC and Rilea Group in the transactions; Barbara Liberatore Black and Matthew Goodman of CresaPartners represented Morrison, Brown, Argiz & Farra and Bilzin Sumberg; Ilan Neuwirth of Rent One Sale One Realty represented Lyoness America; and Jeb Bush, Jr. of Jeb Bush and Associates, LLC represented Miami International Holdings.
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