Insights: Miami Office Market

Brian Gale

 

“There is more velocity in leasing in 2013 than we had expected as the number and length of deals are higher than we had anticipated. Tenants want to lock into longer term leases now that the economy is improving and they are anticipating rents to continue to grow. There are more new to market tenants than I have seen in over a decade. Miami’s office market is improving by the quarter.” — Brian Gale, Principal Taylor & Mathis

Wells Fargo Bank Renews at Espirito Santo Plaza

Espirito Night

Wells Fargo Bank renewed their lease of 8,000 square feet for five years at Espirito Santo Plaza.  The Taylor & Mathis’ Miami leasing team of Brian Gale, Andrew Trench and Ryan Holtzman, exclusive leasing agents for Espirito Santo Plaza handled the lease,  Michael Wilson from CBRE was the co-broker representing Wells Fargo Bank. The signature office tower remains 95% occupied.

Espirito Santo Plaza is a 36-story mixed-use glass tower with an attached 12-story parking garage and 260,000 square feet of Class A office space. The Conrad Miami — Hilton Hotel’s luxury brand — features 203 guest rooms, a ballroom and meeting facilities and specialty retail/restaurant space. The top floors of the property consist of a fully equipped health club and 116 luxury condominium residences overlooking the soaring 11 story atrium.

Located on a full city block fronting at 1395 Brickell Avenue, in the heart of Miami’s international financial market, Espirito Santo Plaza’s main tower designed by KPF welcomes visitors with a dramatic 36 story concave figural arc symbolizing the gateway to Latin America.  http://espiritosantoplaza.com/

Littler Mendelson and Studley to Move to Wells Fargo Center Miami

Miami, FL –– Littler Mendelson, P.C. (Littler), the world’s largest employment and labor law firm, and Studley, a commercial real estate services firm specializing in tenant lease representation,  have signed long term leases for 17,317 and 7,580 square feet, respectively, at Wells Fargo Center in downtown Miami.  Combined, the leases have a value of over $14 million.

“Adding two top notch firms like Littler Mendelson and Studley to the already impressive tenant roster at Wells Fargo Center re-emphasizes the prestige of this trophy asset,” stated Taylor & Mathis’s Brian Gale, who spearheads leasing efforts for owner MetLife. “As one of the top tenant rep firms in Miami, Studley knows the market as well as anyone.  That they chose Wells Fargo Center for their South Florida headquarters speaks volumes about the quality of this prestigious downtown Miami office tower.”

“MetLife is extremely pleased to welcome such high caliber firms as Littler Mendelson and Studley to Wells Fargo Center.  We are committed to a long-term investment in the development and look forward to growing our tenant roster with such high quality firms,” stated Chuck Davis, regional director of MetLife’s Tampa real estate investment office.

 Carter Hopkins of CBRE co-brokered the transaction representing Littler Mendelson, which was recently named “Law Firm of the Year” in Labor Law – Management from U.S. News and Best Lawyers for the second consecutive year.

 Greg Katz of Studley negotiated the lease transaction on behalf of Studley.

Wells Fargo Center is a 750,000 square foot Class A office tower located one city block off Interstate 95 at the Brickell Financial District of Downtown Miami’s Enterprise Zone.  It is  home to some of the most prominent and respected companies in the country, including Wells Fargo Bank; Greenberg, Traurig; Deloitte; and McDermott, Will & Emery.  The office building shares a site with the first of its kind JW Marriott Marquis hotel and the first Hotel Beaux Arts, the new super luxury hotel of Marriott International luxury group. Tenants benefit from the five-star amenities of the hotel, which include dining, conference facilities, an entertainment complex, fitness center, salon and spa and the Jim McLean Golf School.  For more information, visit http://www.wellsfargocentermiami.com

Two New Tenants at One Biscayne Tower Miami

One Biscayne Tower One Biscayne Tower, the 700,000 square foot Class A office tower located in downtown Miami has reached 85% occupancy with the completion of two leases totaling 16,266 square feet, for a value of almost $6 million, announced Taylor & Mathis.   Northwestern Mutual and Peretz Chesal have signed new leases. The transactions were negotiated on behalf of the owner, by the Taylor & Mathis leasing team of Brian Gale, Andrew Trench and Ryan Holtzman.

Northwestern Mutual (http://miami.nmfn.com/) signed an 11.5 year lease for 10,066 square feet, while intellectual property lawyers Peretz Chesal Herrman (www.pch-iplaw.com) signed a 7-year lease for 6,200 square feet. Both tenants are leaving Miami Center for One Biscayne Tower, in the leases co-brokered by Tim Prunka of Prunka Realty Advisors.

“One Biscayne Tower is one of the best values for office space in Downtown Miami.  The location, combined with the incredible views of Biscayne Bay, really appeals to law firms and professional service companies,” said Brian Gale, Taylor & Mathis Principal and Managing Director.  For more information, visit http://www.onebiscaynetower.com

Taylor & Mathis Secures 32,000 Square Feet of Renewals at Espirito Santo Plaza

Espirito NightThe Signature Office Tower Remains 95% Occupied

Taylor & Mathis has finalized two deals comprising 32,000 square feet of lease renewals at Espirito Santo Plaza. The renewals place the sculptural glass tower on Brickell Avenue at 95 percent leased.

International law firm, Weil, Gotshal & Manges LLP, the second-largest tenant in the building, renewed its lease for 24,381 square feet in a seven-year deal.  The Taylor & Mathis’ Miami leasing team of Brian Gale, Andrew Trench and Ryan Holtzman, exclusive leasing agents for Espirito Santo Plaza handled the lease, working directly with Weil. The New York-based law firm has been a tenant at Espirito Santo Plaza since 2001.

“As one of the original tenants of the building and one of the most recognizable names in the legal industry, it was only natural for us to work with them to extend their lease term at Espirito Santo Plaza, “said Taylor & Mathis’ Andrew Trench. “Espirito Santo Plaza is a magnificent property recognized both as a signature among the Miami skyline and as the Miami headquarters of such a prominent law firm.”

Legg Mason Global Asset Management renewed their lease of 7,780 square feet for an additional five years. The lease was co-brokered by Alan Kleber & Matt Cheezem of CRESA.   Legg Mason is one of the largest asset management firms in the world, serving institutional and individual investors on six continents. For more information, visit http://www.leggmason.com.

Less than 5 percent of the office space remains available at the mixed-use property that also includes the Conrad Miami hotel and 10 floors of luxury condominiums.

Espirito Santo Plaza is a 36-story mixed-use glass tower with an attached 12-story parking garage and 260,000 square feet of Class A office space. The Conrad Miami — Hilton Hotel’s luxury brand — features 203 guest rooms, a ballroom and meeting facilities and specialty retail/restaurant space. The top floors of the property consist of a fully equipped health club and 116 luxury condominium residences overlooking the soaring 11 story atrium.

Located on a full city block fronting at 1395 Brickell Avenue, in the heart of Miami’s international financial market, Espirito Santo Plaza’s main tower designed by KPF welcomes visitors with a dramatic 36 story concave figural arc symbolizing the gateway to Latin America.  http://espiritosantoplaza.com/

9250 Doral Recapitalized, Undergoing Full Renovation

It presents an unprecedented opportunity for all size tenants to occupy space in one of the most exciting and rapidly growing areas of the Miami-Dade office market, said Brian Gale of Taylor & Mathis, the exclusive leasing agent.

A multimillion dollar renovation is in the works at 9250 Doral as owner Delma Properties prepares to bring the former single tenant office building to the multi-tenant leasing market. With the largest single block of available office space in the Doral area, the 187,000 square-foot office building is being repositioned as a multi-tenant office building.

Doral office undertakes $7M renovationA former 187,000-square-foot, single-tenant office building in Doral is being converted for multiple tenants

Embedly Powered

TAYLOR & MATHIS OF FLORIDA SUCCESSFUL IN LEASING UP 1101 BRICKELL

Miami, FL — When Taylor & Mathis of Florida was selected to assume leasing responsibilities at the iconic 1101 Brickell in January of 2010 the project was 30% occupied.  Since taking over the leasing assignment, commercial brokerage team Taylor & Mathis has completed over 30 deals totaling 140,000 square feet with a total value of over $50 million.  These deals have taken building occupancy from 30% to 84% with proposals out on the majority of vacant spaces. The leasing team includes:  Brian Gale, Ryan Holtzman, Andrew Trench and Jeannette Mendoza.

The two iconic office towers totaling 251,000 square feet are located at the heart of Miami’s signature Brickell Avenue“We have seen a flurry of leasing activity within the past year,” said Taylor & Mathis broker Brian Gale.  “Not many buildings on Brickell Avenue have seen this much positive absorption in such a short period of time.”

The new ownership group, Florida East Coast Realty (FECR), is finalizing a $12 million, top-to-bottom renovation.  “We plan to significantly invest in the beautification and renovation of 1101 Brickell to improve conditions for our current tenants and to continue to attract businesses interested in an attractive office building in a prime location on Brickell Avenue,” Jerome Hollo, Executive Vice President of Florida East Coast Realty, said in a statement.  “In this environment, you need an owner who is willing to roll up their sleeves, get down and dirty and cut deals,” said Ryan Holtzman.  According to the Taylor & Mathis leasing team, tenant-rep brokers have responded exceptionally well to the renovations and are touring new groups almost every day. The buildings are now 84% occupied and we have proposals out on the majority of our remaining vacant spaces”, said leasing agent Andrew Trench.

Two of the year’s most notable deals included the 62,000 square foot lease with Florida International University and a 14,000 square foot lease with Pipeline.

1101 Brickell’s largest tenant, Florida International University, signed a ten year deal for over 60,000 square feet in North and South towers.  A 32,000 SF lease expansion was recently signed adding to the 30,000 square foot lease they signed in 2011. Ryan Holtzman, a former Graduate of FIU’s Downtown MBA program, said “This is a big step for the University.  Since 1101 is located in the middle of Brickell Avenue, students can walk to their Brickell campus from their condos, or take the metro-mover from Downtown Miami.  Young professionals are living, working and playing more on Brickell more than ever before.” John Marshall, Alan Kleber and Matthew Cheezam of Cresa Partners represented FIU in the transaction.

Pipeline — a new shared workspace concept used by a diverse community of entrepreneurs, startups, independent professionals, and small teams — has opened its first location in Miami leasing a full floor totaling 14,000 square feet.  Shay Pope, senior managing director at Newmark Grubb Knight Frank represented Pipeline in the transaction.

“We are excited to have Pipeline as our newest tenant at 1101 Brickell,” said Jerome Hollo, vice president at Florida East Coast Realty, owner of the office property, and Miami DDA board member. “This unique shared workspace concept is an excellent addition not only to our office complex, but to the entire neighborhood, and further solidifies 1101 Brickell as one of the most prominent office addresses on Brickell Avenue.”

http://www.1101brickell.com

 

Brian Gale Talks With Business Radio Talk Show Host Jim Fried

Brian Gale – Principal Taylor & Mathis discusses the South Florida Office Market with radio talk show host Jim Fried. –Brian is T&M’s senior leasing representative and broker in Florida. Over the last three years, Brian has overseen the signing of deals totaling over 925,000 square feet with a value of over $160 million. He has done three of the eight largest office leases ever in Miami’s Brickell/Downtown submarket totaling almost 300,000 square feet. In 2002 and 2007, Brian was named “Broker of the Year” by BOMA Greater Miami. From 2004-2009, Brian was listed as the Number 1 “Power Broker” for South Florida by CoStar based upon the number of signed leases and total square footage leased.  

http://www.friedonbusiness.com/episodes/2012/12/01/episode-190-florida-real-commercial-real-estate-update-and-hearing-loss-in-the-workplace/