The Real Deal Miami

Banco do Brasil leaves One Biscayne for 1221 Brickell

Rockpoint Group paid $155M for the 26-story Class A office tower in April
May 08, 2017 11:40AM

1221 Brickell, Gavin Macphail and Randy Carballo

Updated, 5:35 p.m., May 8: Banco do Brasil jumped over the bridge and moved its headquarters from One Biscayne Tower to 1221 Brickell Avenue.

The Brazilian bank’s U.S. division inked a 17,000-square-foot lease for the entire 22nd floor at 1221 Brickell, according to JLL. Gavin Macphail and Randy Carballo of JLL brokered the lease. The brokerage could not disclose terms of the lease.

Miami’s office market was stable during the first quarter of this year compared to the previous quarter, according to a Colliers International South Florida report. The Brickell submarket absorbed nearly 70,600 square feet of Class A office space, the second most during the first quarter.

In April, the Blackstone Group’s Equity Office and LaSalle Investment Management sold the 26-story, Class A office building to Rockpoint Group for $155 million, or about $380 per square foot. Tenants include Lydecker Diaz, Regus, Banco Popular and Clyde & Co. The all-glass tower was built in 1986 and has more than 408,000 square feet of office space, restaurants include Vapiano, Jimmy John’s, Giardino Gourmet Salads and Cold Pressed Raw Kitchen.

Banco do Brasil has been in the U.S. since 2012, and has locations in Aventura, Boca Raton, Orlando and Lighthouse Point, according to a press release. The bank operated out of One Biscayne from since it launched in the U.S., a spokesperson for JLL said. – Katherine Kallergis