April 02, 2018
MIAMI – Transwestern’s South Florida Agency Leasing team today announces Miami Tower, a 47-story, landmark office skyscraper at 100 SE Second St. in downtown Miami, increased occupancy by 32,500 square feet. Transwestern Managing Director Glenn H. Gregory and Vice President Christopher Dubberly negotiated the following new, long-term lease agreements:
· BDO USA, the United States Member Firm of BDO International, a global accounting network, signed a 23,000-square-foot lease to consolidate its Brickell and Coral Gables offices into one downtown Miami location. Dubberly represented Miami Tower ownership, and Gregory represented the tenant.
· The Chartwell Law Offices, a national law firm, signed a 9,500-square-foot lease, marking its relocation from Southeast Financial Center in downtown Miami. Gregory and Dubberly represented Miami Tower ownership, and Franklin Street Director Tom Farmer and Gola Corporate Real Estate’s Eric Wahlers represented the tenant.
“Both transactions were complex in that timing for lease negotiations were paramount and each deal hinged on a vacating tenant releasing its space,” said Dubberly. “We expeditiously worked with all parties to create a mutually beneficial outcome for both tenants and the landlord, eliminating downtime and vacancy of a full floor in the process.”
At $51.34 per square foot on average, Brickell’s Class A office market has become increasingly expensive, and tenants seeking larger blocks of space at reasonable rental rates within Miami’s urban core are finding competitive options at Miami Tower. Moreover, as a result of the new lease transactions, 32,500 square feet of space at the building was brought up to market as downtown Miami posts an average of $44.94 per square foot for Class A office as of fourth quarter 2017, according to research by Transwestern.
“Miami Tower isthe preferred location for firms seeking a variety of nearby amenities and direct entry to Interstate 95, which is appealing to the commuter workforce,” said Gregory.
Miami Tower is one of the tallest buildings that illuminates Miami’s skyline. Centrally located in downtown, the building features a state-of-the-art conference facility, fitness center, on-site Metromover station, and access to many restaurant, retail, and hotel options. The draw of the tower’s attributes is underscored by its 87 percent occupancy rate, which continues to outpace the downtown Miami office market with an average Class A occupancy currently at 78.7 percent.
ABOUT TRANSWESTERN
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Tenant Advisory, Capital Markets, Asset Services and Research, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Based in Houston, Transwestern has 35 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern. For updates from the Southeast region, follow @TranswesternSE.
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