As increased demand continues to fuel leasing activity in Brickell, overall asking rents rose 33.5 percent year-over-year in the financial district to $85.36 per square foot as of the fourth quarter of 2022. Professional service firms continue to actively flock to the vibrant submarket resulting in a surge of leasing activity at the landmark office tower, 801 Brickell, after executing three new leases and two renewals.
Colliers South Florida Vice Chairman Stephen Rutchik and Vice President Tom Farmer represented the landlord, Nuveen Real Estate, in negotiating the renewals of long-time tenants, Royal Bank of Canada and Charles Schwab, totaling 23,305 square feet. A unit of Europe’s leading bank, BNP Paribas, signed a lease for 7,665 square feet to support the growth of its global markets business and attain additional access to its regional clients while expanding its U.S. network. Novo Platform Inc., an award-winning, small business banking solution, has signed a lease for 18,450 square feet, occupying the entire 22nd floor and culminating the platform’s expansion in Miami since 2021. The landmark tower also welcomes Banco Master, a Brazilian financial institution, after signing a lease for a 5,228-square-foot spec suite on the 5th floor.
“As the area continues to attract new-to-market and prominently established tenants, the recently renovated 801 Brickell continues to serve as a magnet for companies seeking a top-tier tenant experience,” said Rutchik. “The market appeals to leading firms across industries as the district evolves into a global hub for business and innovation with excellent international connectivity.”
801 Brickell recently completed a multi-million-dollar transformation, including an enhanced lobby, redesigned common areas, and upgraded amenities, consisting of a fitness center, state-of-the-art conference center, and tenant lounge. The iconic tower is home to Komodo Miami, a high-end Southeast Asian eatery owned by David Grutman’s Groot Hospitality. The trendy restaurant regularly hosts celebrities, athletes, and Brickell’s stylish locals and was recently named by Restaurant Business Online as the top-earning restaurant in the United States.
“We could not be more pleased to welcome Novo and Banco Master to the 801 Brickell tenant roster. In addition to our recent transactions with the Royal Bank of Canada, Charles Schwab, and BNP Paribas, the leasing activity at the building remains robust. As we work alongside Stephen and Tom on the Colliers team, 801 Brickell is poised to further capitalize on the strong tenant demand for office space in the Brickell submarket. The cross-section of industries represented by recent deals is a testament to the growth that South Florida continues to see, especially from financial services firms looking to solidify their presence here,” said Charles Russo, Southeast Regional Head for Nuveen.
Nuveen Real Estate is one of the largest investment managers in the world, with $156 billion of assets under management. The firm manages funds and mandates across public and private investments, spanning debt and equity across diverse geographies and investment styles.
Royal Bank of Canada is a global financial institution with a purpose-driven approach to delivering industry-leading performance. As Canada’s biggest bank and one of the largest in the world based on market capitalization, their diversified business model focuses on innovation and provides exceptional service to their 17 million clients in Canada, the U.S., and 27 other countries. Since 2009, the financial giant has been the marquee tenant at 801 Brickell. Royal Bank of Canada was represented by Cushman & Wakefield’s Ben Sarason and Tony Jones in the 18,450-square-foot renewal.
Charles Schwab is an American multinational financial services company offering banking, commercial banking, investing, consulting, and wealth management advisory services to retail and institutional clients. The institution has been a tenant at 801 Brickell since 2018 and was represented by Colliers Executive President Kevin Columbo and Associate Vice President Tyler de la Peña in the 4,855-square-foot renewal.
France’s largest bank, BNP Paribas, is the European Union’s leading and critical player in international banking. The financial powerhouse operates in 65 countries and has nearly 190,000 employees. The French bank will open its Miami gateway in the fourth quarter of this year, welcoming 50 employees from BNP’s global markets business. The Miami campus will be the latest example of the institution’s effort to expand throughout the U.S. after signing long-term leases in New York and Philadelphia in 2020. JLL’s Adam Bernstein, Barbara Black, Joe Messina, and Allison Melichar represented BNP in the new lease.
Novo is an independent tech company partnered with Middlesex Federal Savings to empower small businesses with their financial data and provide the most compelling banking experience possible. The simple banking platform supports small businesses with robust digital banking services, including free checking accounts, payment transfers, budgeting, invoicing, and e-commerce tracking. The company focuses on leading the business banking revolution by creating a platform for today’s business owners that connects with applications that help businesses tackle everything from sending out invoices to accessing cash flow insights. The Miami-based startup was named in Forbes’ Fintech 50 list for 2022, an annual list dedicated to the year’s most innovative startups in personal finance, investing, payments, and crypto.
Banco Master, formerly known as Banco Maxima, was rebranded as a new digital, bank in 2021. Under the new brand, the Brazilian institution provides complete solutions and services dedicated to the consistent growth of its clients. With a focus on investing in people, infrastructure, and technology, Banco Master remains dedicated to modernizing its technological infrastructure and expanding its operations.
Miami’s office market has continued to see unabated leasing activity as new-to-market interest persists, particularly in business district submarkets like Brickell. The elevated pace of demand and limited new office developments are compressing vacancy rates and causing substantial increases in asking rents. Brickell’s Class A rents ended the fourth quarter of 2022 at $90.45 per square foot, an increase of 24.7 percent year-over-year. Asking rents are expected to continue climbing as high-quality buildings with great locations, premium amenities, and recent renovations lure tenants.
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