Brickell Avenue Office Property Achieves 91% Occupancy

Brickell Bay Office Tower, Miami’s 32-story, 280,500 square foot class A office tower, has finalized new leases with Vector Global Wealth Management Group, Lustrous Metals, the British Consulate, 1^st United Bank, Miami-based law firm Cantor & Webb, and national bakery and café chain Au Bon Pain.
The completed transactions account for 37,576 square feet of office and retail space and bring Brickell Bay Office Tower’s total office occupancy rate to 91%, well above the Downtown Miami/Brickell market average of approximately 78%.
“In a cycle that has seen new competition enter the market and sustained economic volatility, Brickell Bay Office Tower has strengthened its position as one of Miami’s most sought-after office buildings,” said Christian Driussi, Vice President for Brickell Bay Office Tower. “A ninety-one percent occupancy rate is an impressive feat, but we are equally proud that our existing tenants – many of which have been with us for more than a decade – are expanding their presence in the building. This speaks volumes about the quality of our asset and our commitment to providing exceptional service.”
Following is a breakdown of the newest completed lease transactions, with co-brokers noted where applicable:

• Vector Global Wealth Management Group leased a total of 10,896 square feet (represented by Brent Palmer of Howard Ecker & Co.)
• The British Consulate renewed and expanded its lease to a total of 10,896 square feet (represented by Mike Klotz of CB Richard Ellis)
• 1^st United Bank expanded its office space to 5,356 square feet (represented by Richard S. Kaufman of Strategic Realty Services)
• Cantor & Webb renewed its lease for 5,302 square feet (represented by Sharon Dresser of High Street Retail USA, Inc.)
• Lustrous Metals leased 2,625 square feet
• Au Bon Pain renewed its lease for 2,501 square feet of retail space in the building’s waterfront lobby

Mr. Driussi cites a number of factors contributing to Brickell Bay Office Tower’s ability to lure tenants. “Unlike many of the buildings in Downtown Miami and Brickell, Brickell Bay Office Tower offers direct, unobstructed views of Biscayne Bay, which is a key selling point. Likewise, we stand out for offering 10,000 square foot users an opportunity to occupy a full floor. Our existing tenant base, central location in the heart of Brickell, and committed ownership team round out a list of advantages that really differentiate this asset from the competition,” said Driussi.
A series of capital improvements now underway will ensure Brickell Bay Office Tower maintains its appeal among tenants. The building’s elevator corridors and hallways were upgraded last year, and there are plans to overhaul the tower’s elevator system this year. Au Bon Pain will also see design improvements in 2011.