Miami Tower Continues to Outpace Miami Office Market
July 12, 2019
MIAMI – Transwestern Commercial Services (TCS) today announces it completed 24,500 square feet of lease transactions with three law firms in Miami’s Central Business District (CBD). The deals reflect trends that have caused the market to experience continued near record-low vacancy, which declined to 11.7% at the close of second quarter 2019, according to TCS research.
TCS Managing Director Glenn H. Gregory and Senior Vice President Christopher Dubberly provide office leasing services on behalf of ownership of Miami Tower, a 47-story, landmark office skyscraper at 100 SE Second St. in downtown Miami, and negotiated the following renewals, which maintain the tower’s 94% occupancy:
- Wilson Elser Moskowitz Edelman & Dicker LLP, a law firm with offices in the U.S. and London and a tenant since 1994, renewed 7,500 square feet of its lease.
- HAW & Associates, a Miami law firm and a tenant since 1994, renewed its 3,500-square-foot lease.
Additionally, the team completed a 13,500-square-foot sublease to Polsinelli, an AmLaw 100 firm, on behalf of BDO USA, the United States Member Firm of BDO International, a global accounting network and tenant at Miami Tower.
“Strong leasing activity is further tightening Miami’s office market which has caused rental rates to rise,” said Dubberly. “Law firms and other professional services tenants continue to dominate and drive lease transactions, especially renewals.”
TCS was retained to lease Miami Tower in January 2017 when the building was 80.8% occupied. The team has since increased the building’s occupancy rate to more than 94%, which significantly outpaces the downtown Miami office market’s average Class A occupancy, which was at 87.7% as of second quarter 2019.
Miami Tower is one of the tallest buildings that illuminates Miami’s skyline. Centrally located in downtown, the LEED Gold building features a state-of-the-art conference facility, fitness center, the only on-site Metromover station in downtown, and access to many restaurants, retail, and hotel options.
ABOUT TRANSWESTERN COMMERCIAL SERVICES
Transwestern Commercial Services (TCS) is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service and innovative client solutions. Applying a consultative approach to Agency Leasing, Asset Services, Occupier Solutions, Capital Markets and Research, our fully integrated global organization adds value for investors, owners and occupiers of all commercial property types. We leverage market insight and operational expertise from across the Transwestern enterprise, which includes firms specializing in development and real estate investment management. TCS has 34 U.S. offices and assists clients from more than 200 offices in 37 countries through strategic alliances with France-based BNP Paribas Real Estate and Canada-based Devencore. Experience Extraordinary at transwestern.com and @Transwestern.