The Real Deal Miami

Brickell Bay Tower completes 15 leases to reach 93% occupancy

Deals include six new leases and nine lease renewals and expansions
January 14, 2015 01:45PM

Brickell Bay Office Tower in Miami

In a sign of rising demand in Miami’s financial district, Brickell Bay Office Tower said it completed 15 leases totaling nearly 53,000 square feet in 2014.

The 32-story, 280,500 square foot building at 1001 Brickell Bay Drive said the deals included six new leases and nine lease renewals and expansions by existing tenants. The transactions bring the bayfront building to 93 percent leased.

Financial terms of the agreements were not disclosed. Christian Driussi, vice president of leasing at Brickell Bay Tower, said the current average asking rent for the building is $44 per square foot.

Among recent transactions: a new lease for shared office provider Anex Office, represented by Brent Palmer and Sharon Ellis of Palmer Property Specialists and Rise Realty; an expanded lease for law firm Tenzer PLLC; a renewed lease for strategic sourcing and procurement firm ATN Industries, represented by Fortune International; a lease renewal for the certified public accounting firm Gerson Preston Robinson, represented by David Preston of Newmark; a renewed and expanded lease for concierge corporate services company PSM Corporate Services, represented by EWN; a new lease for Modern Bank, represented by Diana Parker of CBRE; a new lease for engineering firm VBH Engineering, presented by South Beach Estates; a lease renewal for yacht brokerage firm Camper & Nicholsons, represented by Engel & Voelkers; and a lease renewal for insurer American Risks Group, represented by Optimum International Realty.

Other tenants in the tower include: AON, the risk management and insurance company; NEC Corp., a global technology provider; Syntel, a multinational technology provider; Astigarraga Davis, a law firm; the British Consulate; 1st United Bank; and The Hackett Group, a global advisory firm.

The tower, which recently completed $2.5 million in capital improvements, was built in 1985.

Driussi said he expects occupancy to reach 95 percent or higher this year, with rates jumping to the high $40s per square foot. — Ina Cordle