International Law Firm Kirkland & Ellis Inks 115K SF Lease At OKO Group and Cain International's 830 Brickell

Kirkland & Ellis, one of the largest law firms in the U.S., will open a Miami at 830 Brickell, the Class A+ tower nearing completion in the city’s Brickell Financial District. The firm signed a six floor, 115,000 square-foot lease at the tower, the largest new-to-market office lease signed in Miami in 2022. The 55-story tower will be 100% leased ahead of its delivery in early 2023.

Kirkland & Ellis, one of the largest law firms in the U.S., will open a Miami at 830 Brickell, the Class A+ tower nearing completion in the city’s Brickell Financial District. The firm signed a six floor, 115,000 square-foot lease at the tower, the largest new-to-market office lease signed in Miami in 2022. The 55-story tower, developed in partnership by OKO Group and Cain International, will be 100% leased ahead of its delivery in early 2023.

Kirkland joins the roster of world-leading professional services firms and other global companies at the building, which has become the address of choice for new-to-market firms looking to plant their flag in Miami. International law firms Sidley Austin, Winston & Strawn LLP and Baker McKenzie recently signed leases at 830 Brickell and will occupy a combined 100,000-plus square feet of space. Other blue-chip tenants that have announced plans to open offices at 830 Brickell include Microsoft, financial services company Citadel, New York-based insurance firm A-CAP, private equity firm Thoma Bravo, CI Financial, Marsh Insurance, AerCap and others.

“When OKO Group and Cain set out to develop 830 Brickell, Miami was on the way to becoming a global destination for professional services, finance and technology firms. Today, the city is a vital business hub, with 830 Brickell serving as a catalyst for international companies moving here,” said Vlad Doronin, Chairman and CEO of OKO Group, and Jonathan Goldstein, CEO of Cain International. “The arrival of Kirkland & Ellis, along with the building’s other blue-chip tenants, has solidified 830 Brickell as one of the most desirable office towers in the United States and underscores the strength of the Miami market.”

830 Brickell’s ownership was represented by Cushman & Wakefield’s Brian Gale, Ryan Holtzman and Andrew Trench. Kirkland & Ellis was represented by Neil Goldmacher, Mitchell Millowitz and Ryan Rosalsky of Newmark, and Kevin Kushner of CBRE.

“830 Brickell is the only Class A-plus office building in Miami history to be fully pre-leased ahead of its completion, with the majority of its tenants being major new-to-market corporations. Global companies like Kirkland & Ellis, Microsoft and Citadel are changing the face of Miami’s business landscape and they’re looking to 830 Brickell as their home in one of the world’s most dynamic cities,” said Andrew Trench, Executive Director of Cushman & Wakefield.

830 Brickell was designed by renowned architecture firm Adrian Smith + Gordon Gill, with interiors by Italian architecture and design company Iosa Ghini Associati.

The tower’s amenities will include a rooftop bar/lounge and restaurant – with menus developed alongside a three-Michelin-starred chef – showcasing expansive views of the City and Biscayne Bay, a world-class health and wellness center, conferencing facilities, an outdoor terrace, cafeìs and street-level retail. Multiple transit options are nearby, including Metrorail and Metromover, the Brightline, walking paths, cycling lanes and bay access points. Additionally, some of Miami’s top residential and lifestyle-driven neighborhoods are situated just minutes away, such as Miami’s Design District, Wynwood, Edgewater and Miami Beach.

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World-Renowned Spanish Master Architect Albert Campo Baeza's First U.S. Commercial Building THE FIFTH MIAMI BEACH To Launch Leasing And Break Ground

Sumaida + Khurana and Bizzi & Partners, two internationally recognized real estate development firms, will begin leasing and start construction in the coming months for their new Class A+ office building designed by renowned Spanish master architect Alberto Campo Baeza named THE FIFTH MIAMI BEACH. This will be the first commercial building in the United States and first building in Miami designed by Baeza, who won Spain’s National Prize for Architecture last year.

Sumaida + Khurana and Bizzi & Partners, two internationally recognized real estate development firms, will begin leasing and start construction in the coming months for their new Class A+ office building designed by renowned Spanish master architect Alberto Campo Baeza named THE FIFTH MIAMI BEACH. This will be the first commercial building in the United States and first building in Miami designed by Baeza, who won Spain’s National Prize for Architecture last year. It will also be the first new commercial building to be built in Miami’s South of Fifth neighborhood in more than 15 years. This summer, less than one year after acquiring the site, Sumaida + Khurana and Bizzi & Partners received unanimous design approval by the Historic Preservation Board of Miami. Sumaida + Khurana is led by Founding Partners Saif Sumaida and Amit Khurana. Bizzi & Partners is led by CEO Davide Bizzi and Managing Director Alessandro Pallaoro.

The Fifth Miami Beach will redefine the modern office experience with a design that evokes poetic architecture through simplicity, beauty, and exquisite detailing. Its striking jewel box shape features a facade of precious white marble, transparent glass, and clean white concrete. Sumaida + Khurana and Bizzi & Partners decided to emphasize health and wellness throughout every aspect of the development.

The building incorporates a number of biophilic design elements which make it an elevated oasis, including massive, landscaped outdoor terraces, a majestic triple-height atrium at the building’s core and an impressive rooftop with expansive ocean and water views. It also includes an abundance of amenities including two dining venues, indoor and outdoor gyms, and a spa. With interiors designed by renowned architectural firm, Gabellini Sheppard Associates, the quality level of interior details, finishes and materials are what would be expected in a custom home.

"At The Fifth Miami Beach, we have sought to deliver a singular boutique office product that has not previously existed. By thoughtfully integrating contemporary architecture and craft, private fitness and spa amenities, expansive outdoor space and lush landscaping, curated dining options, and bespoke building services, our objective has been to think of the office building as a holistic ecosystem that supports the well-being and spatial experience of its tenants," said Amit Khurana, Founding Partner, Sumaida + Khurana.

“Alberto Campo Baeza’s architectural design features understated elegance, purity of design and subtle detailing that creates a calm, meditative ambiance that sets the tone for the rest of the building. We have assembled a stellar team to create an environment that is of the highest quality. In addition to Campo Baeza and Gabellini Sheppard Associates, award-winning firm Cube 3 serves as the executive architect and renowned firm, Miami-based Urban Robot Associates will be the project’s landscape architect,” said Alessandro Pallaoro, Managing Director, Bizzi & Partners.

Global commercial real estate firm Cushman & Wakefield will oversee office leasing efforts and is being led by Brian Gale, Ryan Holtzman and Andrew Trench. Miami Beach-based commercial retail brokerage firm, Avenue Real Estate Partners will be handling retail leasing and is led by Aaron Butler.

“The Fifth Miami Beach, which measures 60,000 square feet, will be the highest quality boutique office building ever built in the United States. We have never seen a product at this scale that offers the same architectural pedigree, custom finishes, and best-in-class amenities. It will be the perfect offering for flight to quality tenants,” said Brian Gale, Vice-Chairman, Cushman & Wakefield.

The building spans five floors and each appears to effortlessly float due to the custom steel edge details found along the concrete slabs. Office ceiling heights reach 14 feet and offer an abundant sense of light, air, and outdoor space throughout every level. Each floor includes extensive wraparound terraces created for relaxation or group gatherings, where colleagues can meet. The building includes a monumental marble lobby with 33-foot ceiling heights as well as a large atrium that runs through its core. It also incorporates multiple amenities for tenants to share including a crowning rooftop space offering unobstructed views of the ocean and Miami Beach; a state-of-the-art fitness center and spa wrapped in custom oak millwork and tundra marble; on-site dining venues providing healthy dining options; and a best-in-class dining establishment that will occupy the ground floor and mezzanine space. Two historic houses located on site will be carefully restored and incorporated into the building’s design. One will be geared towards becoming a café that will serve healthy options and another will include a private courtyard seating and a butterfly sanctuary garden.

The project has been designed to meet LEED certification standards and will feature environmentally friendly materials and construction methods, high energy efficiency, reduced water consumption, and advanced air quality and filtration systems. The building is situated at the entrance to Miami Beach from the MacArthur Causeway, in the South of Fifth neighborhood at the corner of Michigan and Fifth Street. SoFi has quickly become an exclusive enclave home to many popular restaurants, hotels, hot spots, and high-end condos.

Sumaida + Khurana and Bizzi & Partners are individually known the world over for developing some of the most significant real estate projects in the world, collaborating with critically acclaimed and architects and designers. New York-based Sumaida + Khurana collaborated with Pritzker Prize-winning architect, Tadao Ando to design 152 Elizabeth Street, as well as Pritzker Laureate, Alvaro Siza for 611 West 56th Street. Bizzi & Partners, which has offices in New York, Milan, São Paulo, and Tallinn, worked with Pritzker Prize-winning architect Renzo Piano to design both 565 Broome SoHo in Manhattan and Eighty Seven Park in Miami. The firm also developed the Langham Hotel in New York, designed by Charles Gwathmey.

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Brick & Timber Collective Acquires Wynwood Office Building Cube Wynwd For $62 Million

Brick & Timber Collective has acquired Cube Wynwd, an office building in Miami’s hot Wynwood neighborhood, from Tricera Capital and Alex Karakanhian’s LNDMRK Development for $62 million. The transaction closed on December 13 and Tricera and LNDMRK retained an undisclosed ownership stake in Cube Wynwd. Tricera and LNDMRK originally acquired the 100,000 SF office building for $28 million in an April 2021.

Brick & Timber Collective has acquired Cube Wynwd, an office building in Miami’s hot Wynwood neighborhood, from Tricera Capital and Alex Karakhanian’s LNDMRK Development for $62 million. The transaction closed on December 13 and Tricera and LNDMRK retained an undisclosed ownership stake in Cube Wynwd. Tricera and LNDMRK originally acquired the 100,000 SF office building, which includes ground-floor retail, rooftop space and parking, for $28 million in an April 2021 off-market deal. Tony Arellano of DWNTWN Realty Advisors represented both buyer and seller in the transaction.

Berkadia’s Scott Wadler and Mike Basinski secured a $36.18 million loan on behalf of the buyer Brick & Timber Collective. This is the second time in 20 months the property has traded and been capitalized by Berkadia. The Berkadia team also lined up $27.5 million in senior and mezzanine financing when Tricera Capital and LNDMRK acquired the property in April of 2021. JP Morgan provided the balance sheet $36.2 million five-year fixed-rate loan with full term interest only.

The Tricera Capital and LNDMRK Development partnership acquired Cube Wynwd in 2021 from Red Sky Capital when Scott Sherman was still with firm. Sherman has since left and founded Torose Equities. The Class A office building was developed in 2019 by Redsky Capital in partnership with JZ Capital Partners and was financed by Bank OZK and Lionheart Strategic Management.

“We are thrilled with the execution of our business plan for Cube Wynwd, culminating in this significant disposition,” Tricera Chief Financial Officer Christian Ramirez said. “This investment underscores the depth and versatility of Tricera 2.0, as we tapped into our robust acquisitions and asset management divisions, top-tier leasing professionals, team members with development experience and real estate finance experts. We look forward to replicating the model at our many other investments and developments.”

Prior to completing the disposition, the Tricera and LNDMRK partnership finalized a five-year lease with Boston’s Northeastern University to occupy the 10,976 SF fifth floor of the 222 NW 24th St. building. Northeastern plans to operate a brand-new graduate degree program tailored to working professionals in Miami’s rapidly growing fintech industry.

The Northeastern deal maintains Cube’s 100% leased status, as investment firm Schonfeld Strategic Advisors is set to relocate from Cube to The Dorsey, a Wynwood mixed-use building Tricera and LNDMRK partnered with The Related Group to develop. Schonfeld is expected to move to The Dorsey in early 2023.

“Northeastern’s lease at Cube is yet another example of where Wynwood’s office market is headed and reinforces the building’s incredible tenant mix,” Tricera President/Head of Leasing Dustin Ballard said. “It is exciting that local fintech professionals will have an opportunity to pursue a graduate degree from a renowned university. That will help take the fintech sector – and the City of Miami – to build upon the accomplishments and growth of the past few years.”

CBRE’s Eric Groffman, Cameron Tallon, Emily Brais and Randy Carballo served as landlord representatives in the Northeastern lease. Colliers International South Florida Stephen Rutchik and Tyler de la Peña and Colliers International Greater Boston’s John Carroll represented the tenant.

Additional Cube tenants include Blockchain.com, Ecuadorean fintech firm Kushki, Shaolin Capital Management, Brazilian footwear manufacturer Grendene, office supply and furniture online retailer Poppin, tech firm Transmit, and more.

Image via Richard Novak

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Stonerock Capital Partners Launches Leasing At Twin Office Buildings On Flagler Street In Downtown Miami

Stonerock Capital Partners has launched leasing at 200 SE First Street and 44 W Flagler Street, the twin office buildings they acquired this year. The buildings include modern, move-in-ready spec suites, controlled access, 24/7 security, touchless systems, state-of-the-art fitness centers, and sleek conference centers. Both properties are also centrally located, with easy access to public transportation.

Stonerock Capital Partners has launched leasing at 200 SE First Street and 44 W Flagler Street, the twin office buildings they acquired this year. Leasing is being overseen by Avison Young. The buildings include modern, move-in-ready spec suites, controlled access, 24/7 security, touchless systems, state-of-the-art fitness centers, and sleek conference centers. Both properties are also centrally located, with easy access to public transportation.

Both office buildings are within the Miami DDA Grant Incentive Program boundaries available to new-to-market businesses or expanding businesses that will either relocate or hire a minimum of ten (10) new employees to the district within three years.

200 SE 1st is both office and data warehousing space, which is a huge benefit for tech occupiers. 44 W Flagler continues to be ideal for legal tenants, as it fronts the Miami-Dade courthouse, the new Miami-Dade courthouse that is being built, and many other complementary government and legal buildings. Additionally, 44 W Flagler marks the gateway to the Flagler Improvement District, which is undergoing a $30 million renovation.

Over the past few years, Miami has matured as a major metropolitan area, with a wave of corporate relocations, especially fintech, financial services, banking, and private equity firms. With the increasing population and demand for office space, Downtown Miami, nestled just north of the thriving Brickell financial district, is undergoing a revival. The corridor along Biscayne Boulevard already boasts some of Miami’s most expensive residential towers.

According to Avison Young research, Downtown Miami has seen several new-to-market tenants contributing to 152,171 square feet of net absorption for the year to date, more than any other Miami submarket. The activity has pushed vacancy down faster downtown than in Miami overall, a trend that is likely to continue as more firms execute return-to-office strategies.

“Miami has achieved an incredible level of sophistication, but, when looking at the market, we found that many buildings are failing to cater to tenant needs. Companies are bringing employees back to the office and need enticing spaces and accessible locations. At 44 and 200, we’ve partnered with top designers to create beautiful offices, ensure swift turnaround on tenant improvements, and offer a thoughtful package of upgraded lifestyle amenities,” says Stonerock CEO Jake Handelsman

Stonerock has begun the implementation of its renovation plan, creating two distinct experiences for companies to choose from.

“Well-located downtown office buildings with quality amenities and retail have proven to be more attractive to workers,” says Donna Abood, Principal and Managing Director of Avison Young’s Miami office whose team will spearhead leasing at 200 Southeast First and 44 West. “Additionally, move-in-ready office suites set these buildings apart as Downtown Miami continues to see increased interest from relocating tenants.”

200 SE First Street is a 12-story building with ground-floor retail. The company has approved plans for a complete facade remodel. Designed by upscale YF Designers, the new facade will better reflect the building’s newly renovated modern minimalist interior. As well, Stonerock has revitalized the building’s data center, giving the local market access to expanded data capacity.

44 W Flagler Street is a 25-story office tower anchored by First Horizon Bank, directly across the street from the Miami-Dade County Courthouse. Aside from quality tenant improvement plans, Stonerock has implemented a parking plan and added touchless systems and controlled access. Stonerock is committed to sustainability and has incorporated green materials and energy-efficient features such as LED lighting and touchless systems.

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Waterford Corporate Centre Trades For $16.9 Million, To Become New Worldwide HQ For Benitez & Company CPA

The Waterford Corporate Centre, a multi-tenant office property which was renovated in 2019, ha sold for $16.9 million. The property is located at 5835 Blue Lagoon Drive, Miami, FL 33126 and spans 61,194 SF. The Waterford Corporate Centre was 97% leased at the time of sale and the tenant list includes The United States Department of Commerce, The State of Florida Department of Education, Volvo Group North America and World Trade Center Miami.

The Waterford Corporate Centre, a multi-tenant office property which was renovated in 2019, ha sold for $16.9 million. The property is located at 5835 Blue Lagoon Drive, Miami, FL 33126 and spans 61,194 SF. The Waterford Corporate Centre was 97% leased at the time of sale and the tenant list includes The United States Department of Commerce, The State of Florida Department of Education, Volvo Group North America and World Trade Center Miami. The building will be the new worldwide headquarters for Benitez & Company CPA.

The buyer is Juan & Maria Benitez of the Benitez & Company CPA who was represented by Manny Chamizo III with ONE Sotheby's International Realty, while the seller was Blue Lagoon Investment, LLC who was represented by Cary Cohen with Blanca Commercial Real Estate.

The Waterford Corporate Centre was recently renovated in 2019 and features an impressive and elegant double-height lobby, tenant conferencing facility, and a rooftop helicopter landing pad.

"Despite changing market conditions, office buildings are continuing to transact in core markets," said Chamizo. "Miami’s momentum remains solid and South Florida based companies are reaping in the benefits - with many searching to expand their teams and offices. We are happy to have found the Class A space our client was looking for, the helipad was an attractive bonus.”

This property conveniently situated within the corporate-campus style Waterford Business District, fronting beautiful views of Miami International Airport and immediate access to the Dolphin Expressway. The prime location also connects the campus to several major Miami neighborhoods, including Doral, Coral Gables, Brickell, Downtown Miami and Wynwood.

Images attached. Credit for the building pictures goes to Cary Cohen.

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Bilzin Sumberg Renews 85K SF Office Lease At 1450 Brickell In Miami's Financial District

Nearly 25 years since launching in the heart of Downtown Miami, preeminent law Firm Bilzin Sumberg is doubling down on its Florida growth strategy with a major office lease that will preserve the firm’s position as one of the major tenants at the 1450 Brickell office tower. The Firm has renewed its lease for nearly 84,000 square feet of space at the Class A building, representing one of the largest law firm footprints in Miami’s urban core.

Nearly 25 years since launching in the heart of Downtown Miami, preeminent law Firm Bilzin Sumberg is doubling down on its Florida growth strategy with a major office lease that will preserve the firm’s position as one of the major tenants at the 1450 Brickell office tower. The Firm has renewed its lease for nearly 84,000 square feet of space at the Class A building, representing one of the largest law firm footprints in Miami’s urban core. Bilzin Sumberg’s renewal of its lease coincides with an influx of residents, companies, and investment into South Florida, with the Firm pursuing a strategy of steady growth that has solidified its role as a catalyst for business and wealth migration.

Bilzin Sumberg became the first office tenant to sign a lease at 1450 Brickell when the tower was nearing completion in 2009. The development of 1450 Brickell led the transformation of the entrance to Brickell Avenue, elevating the area into a walkable hub for business, dining, hotels, and residential living. Since then, the 625,000 square-foot Class A tower has attracted best-in-class tenants including multinational companies, finance firms, and professional services firms. The unique building features include a curtainwall glass system comprised entirely of large missile impact glass and two major generators that provide tenants with over 4,000 kw of power during electrical outages, making 1450 Brickell the country’s most storm-hardened office tower.

“For more than two decades, Bilzin Sumberg has presided over the evolution of Downtown Miami and the Brickell Financial District, from a 9-to-5 business center, into a vibrant 24-7 city,” explains Managing Partner Al Dotson. “Our office at 1450 Brickell has put our attorneys at the center of one of the most dynamic business, residential and lifestyle districts in the United States. Along the way, Bilzin Sumberg has been a key figure in transformative projects that have taken shape in our backyard, while also serving a national and international clientele from our homebase at 1450 Brickell.”

Bilzin Sumberg was represented by the JLL brokerage team led by Barbara Liberatore Black, Matthew Goodman and Jeff Gordon. “After spending over a year reviewing all options in Miami’s office market, Bilzin Sumberg decided to renew its lease and remain as one of the major tenants at 1450 Brickell for all of the same reasons they initially chose the building over 10 years ago,” said JLL’s Barbara Liberatore Black. “With the business growth Miami’s Brickell Financial District continues to experience and the 1450 Brickell office tower’s strategic location at the entrance to Brickell, it made all the sense for the law firm to maintain a presence in the center of the city’s premier live-work-play district.”

Tere Blanca and Danet Linares of Blanca Commercial Real Estate represented building owner 1450 Brickell, LLC.

“From the time of its development through today, 1450 Brickell has attracted prestigious domestic and international tenants,” added Tere Blanca, whose firm has exclusively leased 1450 Brickell since its conception. “While there were two other office towers under construction at the time it was being built, 1450 Brickell’s location and unique features helped drive strong pre-leasing with top quality tenants. Bilzin Sumberg, with deep roots in South Florida and an international clientele, first saw the value of locating in 1450 Brickell, a LEED Gold certified trophy tower designed to stand the test of time. The Firm’s tenancy set the wheels in motion for what would become one of the most successful pre-leasing campaigns in Miami history.”

Bilzin Sumberg counsels clients whose business and legal opportunities and challenges span the United States and cross borders to Europe, Latin America, Canada, the Middle East, and Asia. The firm's growth has paralleled that of its Miami home base, a region known for its rich cultural, social, and professional diversity. Bilzin Sumberg lawyers concentrate on services at the heart of both regional and international commerce, including real estate, land development and government relations, environmental, corporate law, joint ventures, domestic and international tax and estate planning, business litigation, finance, and public-private partnerships.

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Terranova Reveals Arquitectonica-Designed Carbon-Neutral Mixed-Use Building On Miracle Mile In Coral Gables

Terranova Corporation, led by Stephen Bittel, has revealed plans for 93 Miracle Mile, the first carbon-neutral building in Florida on Miracle Mile in Coral Gables. The Arquitectonica-designed mixed-use commercial building will use electricity-generating photovoltaic glass and will be the first built under the new Miracle Mile Overlay zoning code.

Terranova Corporation, led by Stephen Bittel, has revealed plans for 93 Miracle Mile, the first carbon-neutral building in Florida on Miracle Mile in Coral Gables. The Arquitectonica-designed mixed-use commercial building will use electricity-generating photovoltaic glass and will be the first built under the new Miracle Mile Overlay zoning code. Plans were recently submitted to the City of Coral Gables for approval. 93 Miracle Mile will rise four-stories and will feature 6,700 SF of ground floor restaurant space, 9,700 SF of retail space on the 2nd and 3rd floors, and 7,300 SF of office space on the 4th floor. The building will also feature a rooftop terrace.

Terranova is the largest property owner on Miracle Mile with a portfolio spanning 15 properties and 120,000 SF. They acquired the .2-acre site with a vacant 9,000 SF retail building which was previously Navarro Discount Pharmacy for $6.8 million in December 2021.

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Ken Griffin Expands Brickell Holdings As Citadel Leases 95,000 SF At 830 Brickell

The multi-billionaire hedge fund magnate Ken Griffin, who founded the Chicago-based Citadel Securities, has continued to expand his Brickell portfolio while Citadel signed a lease for 95,000 SF at OKO Group’s 830 Brickell office tower. Griffin announced earlier this year that both Citadel and Citadel securities will move to Miami from Chicago.

The multi-billionaire hedge fund magnate Ken Griffin, who founded the Chicago-based Citadel Securities, has continued to expand his Brickell portfolio while Citadel signed a lease for 95,000 SF at OKO Group’s 830 Brickell office tower. Griffin announced earlier this year that both Citadel and Citadel securities will move to Miami from Chicago. Through an entity Griffin acquired acquired the adjacent 1250 Brickell Bay Drive and 1260 Brickell Bay Drive for $20 million, the lots total roughly 6,655 SF. The lots are adjacent to 1221 Brickell Avenue, which an entity tied to Citadel reportedly acquired in June 2022 for $286.5 million.

The assemblage of properties spanning from 1221 Brickell Avenue to 1250-1260 Brickell Bay Drive is across the street from 1201 Brickell Bay Drive, which Citadel was revealed as the buyer of after Tibor Hollo’s Florida East Coast Realty sold the 2.5 acre supertall development lot in a $363 million mega-deal also in April 2022. The price equated to $145 million per acre, $3,340 PSF dirt value. Citadel is planning to develop the property with the Chicago-based developer Sterling Bay.

The lease signing at 830 Brickell comes following the news of developers OKO Group and Cain International buying WeWork out of their 146,000 square foot lease covering 10-floors. WeWork was one of the first to sign a major lease at the Class A office tower in 2019 which was set to become their largest location Florida. Rents at 830 Brickell are now in excess of $125 PSF, representing a 42% rise year-over-year. Other top-tier office users who have signed leases at 830 Brickell include Microsoft, international law firm Sidley Austin LLP, New York-based insurance firm A-CAP, private equity firm Thoma Bravo, CI Financial, Marsh Insurance, AerCap, and others.

The news comes as the Miami office market continues to boast one of the lowest vacancy rates with absorption faring better than other competing markets across the U.S, according to the Miami Downtown Development Authority’s 2021 Office Market Report. In fact, Downtown Miami was the only major urban office market in the country to achieve net-positive absorption in 2021.

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Dacra Secures $43.5 Million Loan To Refinance 4141 Office/ Retail Building In Miami Design District

Dacra has locked down a $43.5 million loan to refinance a 112,896-square-foot, mixed-use property located in the Miami Design District. Berkadia Managing Director Scott Wadler, Senior Director Matthew Nihan and Senior Analyst Michael Basinski of Berkadia Miami secured the financing on behalf of Dacra, the pioneer of the Miami Design District, owning well over one million square feet.

Dacra has locked down a $43.5 million loan to refinance a 112,896-square-foot, mixed-use property located in the Miami Design District. Berkadia Managing Director Scott Wadler, Senior Director Matthew Nihan and Senior Analyst Michael Basinski of Berkadia Miami secured the financing on behalf of Dacra, the pioneer of the Miami Design District, owning well over one million square feet.

LMF provided the 10-year, fixed-rate loan, which provides Dacra with a permanent refinancing for the mixed-use asset. The property is located at 4141 N.E. 2nd Avenue and consists of a combination of office and retail tenants including B&B Italia, Design Within Reach, iHeart Media, and MC Kitchen.

“4141 N.E. 2nd Avenue is a stabilized asset in one of the most desirable, luxury retail districts in the entire U.S.,” said Wadler. “The property has been heavily re-tenanted in recent years to elevate value, as the Miami Design District has continued to drive rental rates with its evolution towards high end designer fashion and art.”

The Miami Design District is a one-of-a-kind neighborhood that combines luxury shopping, galleries, museums, design stores, restaurants and major art and design installations all within an architecturally significant context. The Miami Design District is owned and operated by Miami Design District Associates, a partnership between Dacra, founded and owned by visionary entrepreneur Craig Robins, and L Catterton Real Estate, a global real estate development and investment fund, specializing in creating luxury shopping destinations.

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WeWork Bought Out Of 146,000 SF Lease At 830 Brickell By OKO Group And Cain International

WeWork has been bought out of their lease to occupy 146,000 square feet covering 10-floors at 830 Brickell by developers OKO Group and Cain International. WeWork was one of the first to sign a major lease at the Class A office tower in 2019 which was set to become their largest location Florida. Rents at 830 Brickell are now in excess of $125 PSF representing a 42% rise year-over-year.

WeWork has been bought out of their lease to occupy 146,000 square feet covering 10-floors at 830 Brickell by developers OKO Group and Cain International. WeWork was one of the first to sign a major lease at the Class A office tower in 2019 which was set to become their largest location Florida. Rents at 830 Brickell are now in excess of $125 PSF representing a 42% rise year-over-year. Construction on the tower is nearing completion.

Despite the WeWork opt-out 830 Brickell has signed leases with other top-tier office users at 830 Brickell, including Microsoft, international law firm Sidley Austin LLP, New York-based insurance firm A-CAP, private equity firm Thoma Bravo, CI Financial, Marsh Insurance, AerCap, and others.

The news comes as the Miami office market continues to boast one of the lowest vacancy rates with absorption faring better than other competing markets across the U.S, according to the Miami Downtown Development Authority’s 2021 Office Market Report. In fact, Downtown Miami was the only major urban office market in the country to achieve net-positive absorption in 2021.

830 Brickell was designed by renowned architecture firm Adrian Smith + Gordon Gill, with interiors by Italian architecture and design company Iosa Ghini Associati.

The tower’s amenities will include a rooftop bar/lounge and restaurant – with menus developed alongside a three-Michelin-starred chef and showcasing expansive views of the City and Biscayne Bay, a world-class health and wellness center, conferencing facilities, an outdoor terrace, cafeìs and street-level retail. Multiple transit options are nearby, including Metrorail and Metromover, the Brightline, walking paths, cycling lanes and bay access points. Additionally, some of Miami’s top residential and lifestyle-driven neighborhoods are situated just minutes away, such as Miami’s Design District, Wynwood, Edgewater and Miami Beach.

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