The company is paying about $33 per sf, the average quoted rental rate in the building, area brokers tell GlobeSt.com on condition of anonymity.
The New York-based investment firm has been a tenant in the building for 10 years. The fact that tenants are renewing their leases there shows continued strength of the 701 Brickell building, Brian S. Gale, who represented the property owner, Metropolitan Life Insurance Co., tells GlobeSt.com.
"701 has retained a high percentage of tenants," says Gale, managing director, brokerage services for Taylor & Mathis Inc. in Miami. He says that although new buildings are being built in the area, the 677,677-sf, 16-year-old 701 Brickell building has kept a 98% occupancy level.
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