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Barclays Bank Anchors New Tower With 10-Year, 100,000-SF Lease Valued at $30 Mil

MIAMI-Terms of the deal are confidential but rents have shot up to $35 per sf from $30 per sf since Codina Realty Services began marketing the 30-story, 525,000-sf structure two years ago. Pre-leasing is at 80%. The building opens in November.

By Harold Kelman | Updated on October 12, 2000

MIAMI-When the 30-story, 525,000-sf Barclays Financial Center at 1111 Brickell Ave. welcomes its first tenants next month, 80% of the space will have already been committed. The lead tenant is Barclays Bank which is taking 100,000 sf for an estimated 10 years. The value of the lease is estimated at $30 million.

Not only is pre-leasing well beyond the 50% originally projected, but recent deals have closed at $35 per sf, up from $30 per sf at the outset of marketing two years ago, according to Codina Realty Services, the building’s leasing agent.

Naming a building for an anchor tenant has long been crucial in nailing down a major space commitment. In the case of Barclays Financial Center, it has also proved valuable in attracting other tenants. The tightening Brickell Ave. office market hasn’t hurt, either. The overall office vacancy rate here was only 7.3% at mid-year, according to Cushman & Wakefield, and just 6.3% for direct space.

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