Citigroup has renewed its 15-year lease as the anchor tenant of Miami Center, a 34-story office tower in downtown Miami.
The announcement by owner Crocker Partners is joined by plans for a $20 million makeover of the tower. Renovations have already started, and include updates to the lobby, plaza, entrance, outside plaza and modernized elevators, according to a news release.
Citigroup’s lease spans 125,000 square feet, the largest in the building. Jon Blunk of Cushman & Wakefield brokered the lease for Crocker Partners, while Patrick Duffy of Newmark Grubb Knight Frank represented Citigroup.
Law firm Hughes Hubbard & Reed also renewed its lease for the entire 25th floor — about 24,000 square feet — two months ago.
Miami Center is a 786,267-square-foot tower at 201 South Biscayne Boulevard. It was built in 1983, and most recently sold to Crocker Partners for $262.5 million in 2012. — Sean Stewart-Muniz