Brian Gale served as a panelist (market experts) – 2013 Leasing projections for South Florida at the BOMA 02/17/13 luncheon – Held at the Mandarin Oriental Hotel in Downtown Miami.
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.”
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.
Foley & Lardner LLP, one of Miami’s most prominent law firms has signed One Biscayne Tower’s largest lease this year. One Biscayne Tower is located in downtown Miami. Brian Gale, principal with Taylor & Mathis of Florida negotiated the 36,531 square foot lease transaction on behalf of building owner L&B Institutional Fund.
This lease constitutes an early renewal of 25,480 square feet plus an 11,051 square foot expansion. Broker Scott Strickland of Jones Lang LaSalle represented Foley in the 10 year, $15 million transaction.
“Foley & Lardner is a well-respected, national law firm and we are thrilled with their continued expansion in Miami and specifically at One Biscayne Tower,” states Gale. “This deal brings the building occupancy to 86%.”
About Foley & Lardner LLP
With approximately 900 attorneys in 21 offices, Foley & Lardner LLP provides award-winning business and legal insight to clients across the country and around the world. Their team-based approach, innovative technology, and focus on value and client service are continually recognized by clients and the legal industry. In a recent survey* of Fortune 1000 corporate counsel, Foley received a top five ranking out of more than 300 firms for delivering exceptional client service. In addition, Foley received 19 national first-tier rankings on the 2011 – 2012 U.S. News – Best Lawyers® “Best Law Firms” list, and CIO magazine recognized Foley for technological innovation that enhances business value by naming the firm to its prestigious CIO-100 list in 2011.
About Taylor & Mathis
Taylor & Mathis is a diversified real estate company specializing in the development, marketing and management of office buildings, suburban office parks, industrial parks and mixed-use projects. In Florida the company leases and/or manages a portfolio over 11 million square feet. Founded in 1967, the company has developed properties exceeding $1.9 billion in value and has established itself as one of the most respected regional real estate firms in the United States. Based in Atlanta, with offices in Miami, Tampa and Sunrise, Taylor & Mathis concentrates its business activity in primary growth markets in the southeastern United States.