Southeast Financial Center, Florida’s tallest and largest office tower and plaza totaling 1.225 million square feet in the heart of Miami’s Central Business District (CBD), recently negotiated 71,000 square feet of leases.
With demand for office space in Miami pushing the CBD’s Skyline and Trophy market subsets to surpass the long-standing record for rental asking rates set in 2007 according to JLL’s 2016 Skyline report, tenants are eager to renew, expand and lock-in space now.
Reflective of this trend, JLL’s Donald Cartwright, managing director, and Nicole Vassilaros, vice president, exclusive leasing agents of Southeast Financial Center owned by institutional investors advised by J.P. Morgan Asset Management, completed the following lease transactions — four out of five of which were closed with AmLaw 200 ranked law firms:
K&L Gates LLP, an Am Law 200 ranked full-service international law firm with over 2,000 lawyers globally practicing in five continents, signed a 33,000-square-foot lease extension. Chris Coots, managing partner with Flagler Investment Property Group, and David E. Fitzgerald, vice chairman/partner with CBRE/New England, represented K&L Gates during the transaction.
Stroock & Stroock & Lavan LLP, an Am Law 200 ranked law firm with more than 300 attorneys in five offices in the U.S., signed 19,342-square-foot lease extension.
Bryan Cave LLP, an Am Law 200 ranked international law firm with more than 1,000 lawyers in 25 offices across North America, Europe and Asia, signed a 10,000-square-foot lease extension. The firm was new to the Miami market and signed its first lease at Southeast Financial Center in 2014. David Prevé, Managing Director with JLL, represented Bryan Cave during the recent lease extension.
Shutts & Bowen LLP, an Am Law 200 Florida-based law firm with 270 attorneys in seven offices throughout the state, expanded by 6,500 square feet to take a total of 75,655 square feet within the tower. Shutts & Bowen recently relocated to Southeast Financial Center from Miami Center in the Third Quarter of 2015. David Prevé, managing director with JLL, represented Shutts & Bowen during the recent expansion.
David M. Garvin PA, a criminal and tax attorney, signed a 3,000-square-foot lease renewal. Ryan Levy, senior associate with Cushman & Wakefield, represented David M. Garvin during the transaction.
“The trend of leading professional services firms and international companies seeking growth opportunities in Miami has resulted in direct vacancy dropping by more than 10 percent over the past five years in Miami’s Trophy market, defined as core office buildings that consistently achieve rents in the top 10 percent within Miami-Dade,” Cartwright said. “We anticipate that this continued demand combined with a relatively stable economy and upward rental rates will result in more activity of note for the remainder of the year.”
Southeast Financial Center, the most significantly leased tower in the state of Florida with over one million square feet under lease, is bringing to market for the first time since the building was constructed the 45,000 square foot “Cube.” This highly unique space offers building signage, ceiling heights of 20 feet, and is wrapped with floor to ceiling windows. Currently occupied by Wells Fargo, it is expected to be available by late 2017.
“Miami’s CBD, specifically Southeast Financial Center, continues to be a prestigious address from which prominent businesses choose to operate and grow their operations,” continued Cartwright.
Located at 200 S. Biscayne Blvd. in downtown Miami, Southeast Financial Center is comprised of two buildings: a 55-story Class A Office Tower distinguished by its striking “saw-tooth” design on the northeast corner of the façade and a 15-story Annex Building which houses a gym and 1,200 parking spaces. Connecting the Office Tower and Annex buildings is a 30,000-square-foot outdoor plaza landscaped with shade trees and a variety of lush native plantings. A steel canopy attached 150 feet from the ground provides a unique architectural connection between the two structures, and adds an aesthetically pleasing ambiance to the plaza.