CRESA Partners of Miami, which represented New Jersey-based Merrill Lynch in the recent transactions, would not disclose specific rental rates or lease values. However, based on the 701 Brickell Ave. average quoted rent of approximately $33 per sf, this lease is valued at approximately $11.98 million. The firm has been a tenant at 701 Brickell Avenue since 1993.
Cresa Partners' Barbara Liberatore Black and Matthew Goodman represented Merrill Lynch in this and the following transactions. Brian Gale represented the property owner, Metropolitan Life Insurance Co., in this deal.
In another recent negotiation, the Merrill Lynch Private Client office signed a lease to relocate to 30,392 sf at 355 Alhambra Ci. in Coral Gables early next year. Based on the asset's rental quotes of $29 to $33 per sf, this 10-year lease is valued at approximately $8.81 million to $10.03 million. The firm will have building-top signage.
"We extended some of the leases short term to be able to get in the market" at the time when new development was taking place, Liberatore Black tells GlobeSt.com. This enabled Merrill Lynch to get "better lease transactions," she says.
In Coral Gables, "We ended up getting an excellent deal," she says. Jack Lowell of Codina Realty Services Inc. represented the property owner, 355 Alhambra Plaza Ltd., in this transaction.
In addition, Merrill Lynch Trust has opened a regional division in the mixed-use Boca Center Tower I on Town Center Circle in Boca Raton. This 10-year lease for 10,068 sf is valued at $3.4 million, or approximately $34 per sf. The occupancy of the Boca Center towers is in the mid-90% range. Mike Erickson, first vice president with the Palm Beach County office of CB Richard Ellis Inc., represented the property owner, 485 Properties, in that transaction.
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