City National Bank of Florida and UBS just leased a combined 142,000 square feet of office space at the Miami Tower, in a deal worth $75.1 million.
City National Bank will also make the building its new headquarters and plans to take over signage rights for the iconic downtown tower at 100 Southeast Second Street in downtown Miami that was featured in the opening scenes of the popular 1980’s TV show Miami Vice.
City National signed a long-term lease renewal and a 57,000-square-foot expansion for a total footprint of 105,000 square feet at the building, according to a release. City National was most recently headquartered in 1450 Brickell Avenue in Miami.
The bank’s move into the 47-story building comes after it completed its acquisition of TotalBank in June 2018, which currently has its name atop the Miami Tower. As a result of the acquisition, City National Bank is now Florida’s third largest bank by assets. It is also an active real estate lender.
The building was built in 1987 for CenTrust Bank and has 619,093 square feet of Class A office space. Sumitomo Corp. of Americas purchased the building in 2016 for $220M.
A spokesperson for the bank declined to comment on the move, what the bank plans to do with its existing space or specific lease terms.
Transwestern’s Glenn Gregory and Christopher Dubberly provided leasing services on behalf of Miami Tower ownership. Matthew Goodman and Jeff Gordon of JLL represented City National in the transaction.
In addition to City National’s lease, UBS renewed its 37,000-square-foot lease in the Miami Tower. Tony Jones of Cushman & Wakefield represented the tenant in the long-term lease. The building is more than 94 percent occupied, according to the release.