Ranked by the National Law Journal as the 12th largest law firm in the country, the Miami-based firm is renewing 82,103 sf out of a pre-existing lease and is adding another 25,513 sf to create six floors of contiguous space in the 677,000-sf class A office building.
Under terms of the deal, the law firm is paying an average $32.52 per sf to lease 107,616 sf over 10 years for a total value of about $35 million.
The deal allows the law firm to vacate about 12,897 sf of the 95,000 sf that it presently leases on six floors in the building. By absorbing another 25,513 sf of available space, however, the law firm now may reconfigure its operations to occupy six contiguous floors.
Although it is not included in these negotiations, the law firm also occupies about 43,000 sf of penthouse space on the 33rd floor.
The law firm retained Trammell Crow Co. to represent it in negotiations with Atlanta-based Taylor & Mathis, the leasing agent for Metropolitan Life Insurance Co., the building's owner. Trammell Crow assigned negotiations to Bob Orban, a vice president who specializes in corporate tenant representation, and Woody Coley, managing director of the company's Florida "Mega Market" operations.
It appears Orban and Cooley negotiated a good deal on behalf of the law firm, because Taylor & Mathis publicizes asking rents in 701 Brickell between $33-$34 per rentable sf.
Holland & Knight also retained Trammell Crow's project management team to supervise proposed tenant improvements. Nigel Horsfall, vice president of construction and property management, will oversee the work.
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