1450 Brickell inks eight new leases, including new-to-market activity

Posted by Schwartz Media Strategies, a Miami, Fla. PR and marketing firm
In early April, Blanca Commercial Real Estate EVP Danet Linares boldly predicted that Downtown Miami’s hyperactive housing market would help fuel activity in the city’s office market, despite an anticipated 1.8 million square feet of space due to deliver over the next two years. According to Linares, “My guess is that steady population growth, coupled with a gradually-improving economy, will have a net-positive effect on the office market.”

Less than two months later, we’re seeing a flurry of activity at 1450 Brickell office tower, the first of three new class-A buildings scheduled for completion over the next two years. The building’s development team has announced that eight new leases totaling 120,000 square feet have been finalized, bringing 1450 Brickell’s total amount of leased space to 200,000 square feet. Most notable is that two of the new tenants – Kempler Energy and Agri Commodity Trade – are new to the Miami office market altogether, signaling that Danet’s prediction from earlier this year may be materializing. Here’s a full report from the South Florida Business Journal:
H.I.G. Capital signs 1450 Brickell lease
By Oscar Musibay

Investment firm H.I.G. Capital ’s lease for 38,000 square feet at 1450 Brickell Ave. makes it the secondlargest tenant in Rilea Group’s recently opened building. H.I.G., which currently occupies space at 1001 Brickell Bay Drive, has signed a long-term deal at 1450 Brickell, the specifics of which were not readily available. Two real estate sources said the term was 10 years. Neither Blanca Commercial Real Estate, the building’s leasing agent, nor developer Rilea Group, were available for comment. A call to H.I.G Capital was not immediately returned.

Law firm Bilzin Sumberg Baena Price & Axelrod LLP still holds the building’s largest lease, in terms of space. The law firm is taking 80,000 square feet in the 35-story building, but does not have signage.
Tom Capocefalo, managing director of commercial tenant broker Studley in Miami, said timing is the key to the new leases.
 “These are new buildings, which always capture interest, especially when tenant leases are about to expire within a new building delivery schedule,” Capocefalo said.
1450 Brickell has made other important moves. The Business Journal reported in March that City National Bank was negotiating to lease 35,000 square feet, including a ground-floor branch.
 Bancaja, the 576,379-square-foot building’s lender, is poised to slide into about 7,500 square feet, while law firm Ratzan & Rubio is on track to take about 6,000 square feet, sources said.
 Both Rilea Group and Blanca Commercial Real Estate are also tenants in the building.
1450 Brickell is the first Class A office building in Miami’s central business district to be precertified at the gold level according to the U.S. Green Building Council’s Leadership in Energy and Environmental Design program.

Another new tower, the 600,000-square-foot Brickell Financial Centre, is still under construction at 600 Brickell Ave. It has not yet announced any leases.

Met 2 Financial Center, which is adding 753,200 square feet of upscale offices to downtown Miami, has signed tenants including Greenberg Traurig and Deloitte LLP.
1450 Brickell has its temporary certificate of occupancy. Bilzin Sumberg plans to move in by November.