Merrill Lynch Takes up More Than 100,000 SF in Leases

MIAMI-Merrill Lynch has signed leases totaling more than 100,000 sf of class A South Florida office space and probably worth tens of millions of dollars. This week, the firm signed a five-year lease at the 701 Brickell Ave. here. The 72,612-sf deal was a combined renewal of 60,612 sf and an expansion into12,000 feet.

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.