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.
"(Salomon) Smith Barney is the type of tenant that any landlord would love to have in their building," Gale says. "They add prestige to the building roster."
Smith Barney and five other Wall Street stock brokerages were fined a total $10 million in August by the Securities and Exchange Commission for allegedly keeping incomplete e-mail correspondence. The other firms are Merrill Lynch, Goldman Sachs Group, Morgan Stanley, Deutsche Bank and Piper Jaffray, the investment banking arm of U.S. Bancorp.
The SEC also censured Smith Barney and their top analyst, Jack Grubman, for allegedly publishing favorable analyst reports to companies whose business they solicited.
Richard Linevsky of Grubb & Ellis's Miami office represented the tenant in the leasing transaction.
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