Rilea Group's 1450 Brickell Avenue Office Tower Signs New Tenants
(MIAMI, FL) -- Rilea Group's 1450 Brickell Avenue, a class A office building in Miami's Brickell Financial District, has finalized leases with law firm Berger Singerman, Andorra-based wealth management advisor Mora Wealth Management, financial services provider Key Consulting Services, LLC, and Italy-based advertising firm Armani & Associati.
The new leases account for 34,566 square feet of office space, edging 1450 Brickell's total occupancy rate to roughly 65% just one year after the building opened its doors. Berger Singerman's full-floor lease at 1450 Brickell represents an expansion for the firm following its relocation from Southeast Financial Center. Mora Wealth Management will move its offices from 801 Brickell, while Key Consulting and Armani & Associates are both new-to-market tenants. Financial terms of the agreements were not disclosed.
The new batch of leases at 1450 Brickell continues a steady string of transaction activity that has seen the tower attract the Miami office market's blue chip tenants, including law firm Bilzin Sumberg, commercial real estate services firm Holiday Fenoglio Fowler (HFF), JP Morgan Chase, City National Bank, BNY/Mellon, executive search firm Korn/Ferry International, private investment firm H.I.G. Capital, Spanish financial institution Bancaja, law firm Ratzan & Rubio, Kempler & Co., Inc., and investment banking firm BroadSpan Capital. Sacha's Café has leased retail space in the building's street-level breezeway and will open this quarter.
Tere Blanca and Danet Linares of Blanca Commercial Real Estate represented landlord 1450 Brickell, LLC and Rilea Group in the transactions, while Barbara Liberatore Black and Matthew Goodman of CRESA Partners represented Berger Singerman. The other leases did not involve co-brokers.
"Just one year since opening its doors, 1450 Brickell has emerged as the premier business address in the Downtown Miami/Brickell office market," said Tere Blanca, President and CEO of Blanca Commercial Real Estate. "We have finalized leases with twenty-seven tenants and assembled a sixty-five percent occupancy rate in only twelve months, a track record that points to the building's appeal to office users of all sizes. 1450 Brickell stands alone in Miami's class A market for its convenient location and access, superior construction quality and modern design, and diverse mix of top-tier corporate and mid-sized tenants."
Law firm Berger Singerman's move to 1450 Brickell is consistent with the 'flight to quality' that has dominated the Miami office market over the past two years. "In surveying the class A office market, 1450 Brickell stood out as the preferred relocation option for its strong ownership team, convenient location, and advanced construction quality," said Paul Singerman, Shareholder and Co-Chief Executive Officer of Berger Singerman. "At the same time, our move to 1450 Brickell positions our attorneys to create new business relationships with the grade-A roster of companies already located in the building."
1450 Brickell has been particularly successful in attracting tenants from outside the market. "Out of the twenty-seven tenants we have signed, nearly half are new to the area. This trend further enhances Brickell's rapid growth," said Danet Linares, Executive Vice President of Blanca Commercial Real Estate.
1450 Brickell's setting in Miami's Brickell Entrance neighborhood means tenants are within walking distance of more than 30 retail businesses, restaurants, residential towers and high-end hotels, as well as Miami's Metro Mover, which provides transportation throughout Downtown Miami. Tenants are also drawn to the building's location away from the Miami River, affording them and their visitors the conveniences of the Brickell Financial District without the traffic headaches spawned by the bridges spanning the River.
1450 Brickell stands out for its LEED Gold certification and superior construction quality. The building is fabricated with above code large-missile impact glass from top-to-bottom, making its exterior curtain wall window system one of the nation's strongest. The tower also sports an above code backup generator that can power tenants' basic electrical needs during outages.
Designed by Miami-based architecture firm NBWW & Associates and constructed by Coastal Construction, 1450 Brickell offers panoramic views of Biscayne Bay, Brickell Avenue, and the city of Miami. Floor-to-ceiling windows and wide-open floor plates range in size from 24,000 square-feet to 25,600 square-feet, maximizing the flow of natural light throughout tenant areas.