Cushman & Wakefield announced that it has completed more than 228,000 square feet of lease transactions this year in the Miami Center office tower at 201 South Biscayne Boulevard.
Representing building owner Crocker Partners, Senior Director Jon Blunk, Senior Associate Cristina Glaria and Director Laurel Oswald have secured five notable lease renewals and expansions, including two of the largest office lease transactions in Miami’s CBD this year. These transactions include:
- Citibank renewed its 122,000-square-foot multi-floor lease. This is the second-largest office lease transaction in the Miami-Dade market this year and the largest transaction in the CBD, according to Cushman & Wakefield research. Patrick Duffy of Newmark Grubb Knight Frank represented the tenant.
- Shook, Hardy & Bacon renewed its 54,700-square-foot multi-floor lease. According to Cushman & Wakefield Research, this is the third-largest CBD office lease transaction of 2015. Duffy represented Shook, Hardy & Bacon.
- Hughes Hubbard & Reed renewed its 23,500-square-foot lease on the 25th floor. Rashid Siahpoosh of Newmark Grubb Knight Frank represented the tenant.
- Jones Walker renewed its 14,700-square-foot lease on the 26thfloor. Doug Campbell of Campbell Real Estate represented Jones Walker.
- Harper Meyer expanded its eighth-floor office to 13,500 square feet. Duffy represented Harper Meyer.
This leasing activity comes as Crocker Partners embarks on a $20 million main lobby and building exterior renovation project led by Pritzker Architecture Prize winner Richard Meier & Partners, LLP. These enhancements include:
- A new building entrance with a porte-cochère and valet drop-off located on Chopin Plaza
- A modernized glass curtain wall system replacing the existing north and west facades
- An enhanced multi-tenant monument sign fronting Biscayne Boulevard
- A completely redesigned lobby with new, modern finishes and refurbished elevator cabs
“Miami Center has always been the standard for prestige, luxury and convenience in Miami’s office market,” said Blunk. “Crocker Partners’ extensive renovations will only enhance this allure and further drive user interest.”
Miami Center is a 34-story, ±803,000-square-foot, Class A office tower situated in the heart of Miami’s thriving financial and commercial districts. Built in 1983, it is Florida’s second-largest Class A office building and offers a bayside location with spectacular views of Biscayne Bay, the Miami skyline, the Port of Miami and Key Biscayne.
Miami Center also adjoins InterContinental Miami hotel. Other notable tenants include Morgan Stanley; Kluger, Kaplan, Silverman, Katzen & Levine, P.L.; and Ernst & Young.
Cushman & Wakefield research indicates Miami’s CBD continues to drive the excellent performance of the region’s overall office market.
“Third quarter overall vacancy was 12.6 percent, down 2.0 percentage points compared to last year,” wrote Senior Research Analyst Mirta DeCespedes in Cushman & Wakefield’s 3Q 2015 Miami-Dade Office Snapshot. “Miami’s CBD continued its growth pattern with new-to-market companies establishing a presence both in the U.S. as well as in Latin America. The CBD has the largest office inventory in the county and is the epicenter of the area’s growth.”
Miami has also exhibited the largest jump in Class A leasing rates among major Florida markets since the height of the last real estate cycle (2008–09), according to the Cushman & Wakefield’s newly released 3Q 2015 Florida Statewide Rental Report.
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