Miami's 1450 Brickell Tower Signs largest Office Lease Deal in South Florida in 2009

Miami's 1450 Brickell Tower Signs largest Office Lease Deal in South Florida in 2009

Commercial News » Commercial Real Estate Edition | By Michael Gerrity | September 30, 2009 1:25 PM ET

(MIAMI, FL) -- 1450 Brickell, a 'class-A' office tower currently under construction in Miami's Brickell Financial District, has finalized a lease agreement with Miami-based law firm Bilzin Sumberg Baena Price & Axelrod LLP. Bilzin Sumberg will occupy 80,000 square-feet of space over a fifteen-year term; financial terms were not disclosed. The 576,379 square-foot, 35-story Tower is scheduled for completion in the first-quarter of 2010. Financing is provided by a pool of banks headed by the lead lender Bancaja, a Spanish financial institution.

The 1450 Brickell-Bilzin Sumberg deal is the largest new lease agreement to be signed in the South Florida office market this year. Of the three office towers currently under construction in Miami's Central Business District, 1450 Brickell will be completed first. The tower's exterior façade - one of the nation's strongest curtain wall window systems - is 98% complete and construction crews are continuing to work on the building's interior, which will include a striking lobby, an amenities floor with a sky deck and fitness center, and high-end finishes throughout. 1450 Brickell is the first pre-certified LEED Gold 'class-A' office building in Miami's Central Business District.

Tere Blanca and Danet Linares of Blanca Commercial Real Estate represented landlord 1450 Brickell, LLC and Rilea Group in the transaction, while Barbara Liberatore Black and Matthew Goodman of CRESA Partners represented Bilzin Sumberg.

Bilzin Sumberg is currently located in Wachovia Financial Center. The Firm's decision to lease space in 1450 Brickell is the latest example of the 'flight to quality' unfolding in the South Florida office market, according to Blanca Commercial Real Estate President and CEO Tere Blanca, who spoke on behalf of Rilea Group. "Today's market presents companies a unique opportunity to upgrade their office space. As businesses seek to align their space needs with their business goals, many companies are choosing to relocate. 1450 Brickell's quality construction, sustainable and efficient design, high-end finishes, strong ownership, and stellar location make it an ideal choice," said Ms. Blanca.

Danet Linares, Executive Vice President of Blanca Commercial Real Estate, said 1450 Brickell affords businesses unmatched convenience and access to Miami's dynamic Brickell area.

"1450 Brickell is at the heart of the urban renaissance underway in the Brickell Financial District," said Linares. "1450 Brickell is within walking distance to more than 30 retail businesses, restaurants and high-end hotels, and is just a one-block walk from the nearest Metro Mover station, which provides access throughout Miami's Central Business District. What's more, the building's location away from the bridges spanning the Miami River means tenants and their visitors will enjoy all the conveniences of the Brickell Financial District without the traffic headaches."

"1450 Brickell will be a preeminent office building in South Florida for years to come and we are looking forward to our new location," said John C. Sumberg, Managing Partner of Bilzin Sumberg. "The building has strong ownership, advanced construction quality, and innovative and sustainable design that will enhance our quality of life and the efficiency of our operations," continued Mr. Sumberg.

Bilzin Sumberg's offices will be located on the 21st, 22nd, 23rd, and 24th floors of 1450 Brickell. Ms. Liberatore Black, Founding Principal of CRESA Partners, points to 1450 Brickell's efficient use of space as an important factor in the Firm's relocation. "1450 Brickell's column-free floor plates and beam-free slabs will enable Bilzin Sumberg to maximize its use of office space and design. As professional services firms are responding to macroeconomic conditions by uncovering operational efficiencies, 1450 Brickell offers flexible alternatives and is well-positioned to attract tenants. The Tower's convenient and accessible location at the center of the Brickell Financial District will be a benefit to Bilzin Sumberg's clients, lawyers and staff," said Ms. Liberatore Black.

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