The Real Deal Miami

Brazilian hedge fund opens first U.S. office on Brickell

Rents at building range from $43 psf to $63.36 psf annually, according to CoStar Group

July 18, 2016 03:00PM

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Espirito Santo Plaza

Brickell Arch, formerly the Espirito Santo Plaza

UPDATED July 18 5:09 p.m.: Brazilian hedge fund Leste Capital Management has opened its first-ever U.S. location in Miami’s famed financial district: Brickell.

The fund has taken 2,000 square feet at the Brickell Arch building, formerly known as the Espirito Santo Plaza. According to a news release from the Downtown Development Authority, which assisted Leste in its search for office space, the company’s new location will start out with eight full-time traders plus two part-time employees over the next 12 months. Its lease term is five years.

“Miami was the natural choice when deciding to open an office in the U.S., not only for its proximity to Latin America and multicultural appeal but also for its burgeoning financial sector,” Stephan de Sabrit, managing partner of Leste, said in the release.

The company declined to disclose its lease rate, but data from the CoStar Group shows annual asking rents at the building typically range from $43 per square foot to $63.36 per square foot. The 36-story tower boasts an all-glass facade and 267,888 square feet of leasable space, nearly 97 percent of which is currently occupied. The building, located at 1395 Brickell Avenue, last sold in September to the Gaedeke Group for $142 million. Other tenants include Quest Workspaces, Brickell Bank and the Consulate General of France.

Leste is a relatively young company, founded two years ago by veteran financial executive Emmanuel Hermann in Rio de Janeiro. According to its website, the firm’s focus is split into four sectors: liquid asset management, debt, real estate and private equity. Its real estate arm owns roughly $250 million worth of assets in Brazil, where Leste has 60 employees spread across its three offices. — Sean Stewart-Muniz