The value of the lease was not disclosed. However, based on the direct weighted average class A rental rate in the Brickell Avenue submarket of $32.16 in Cushman & Wakefield's second-quarter Miami-Dade County office report, the 10-year lease is estimated to be worth as much as $19.6 million.
The bank, a subsidiary of financial services giant HSBC Holdings plc of London, will be the building's signature office tenant and the only tenant to have signage on the facade of the building, according to Darryl T. Robinson, a director of commercial brokerage for Cushman & Wakefield of Florida Inc. here. Robinson represented the building's developer and owner, Millennium Partners of New York, in the lease.
Barbara Liberatore Black, a founding principal and vice chairman of CRESA Partners-Miami, represented HSBC.
Manuel Diaz, president and manager of HSBC Republic Bank Miami, says HSBC is planning to relocate its local domestic and international private banking headquarters to the new building, located at 1441 Brickell Ave., in the first quarter of next year. The bank will be located on the 16th and 17th floors of the tower, in addition to its ground-floor bank branch.
"We are looking forward to establishing a highly visible presence in one of Miami's most prestigious class A office towers," Diaz says in a statement. "At our new location, we will have plenty of room to grow and to continue to demonstrate our commitment to South Florida."The bank is moving from One Biscayne Tower at 2 S. Biscayne Blvd. Downtown.
"HSBC, one of the world's largest financial institutions, exemplifies the quality of the tenants coming to the Offices at Four Seasons Hotel and Tower," says Brian Collins, the locally based principal of Millennium Partners.
Four Seasons Hotel and Tower will consist of 200,000 sf of class A office space, a 221-room Four Seasons Hotel, 84 Four Seasons condo/hotel units, 186 luxury residential condos, a 40,000-sf fitness and spa facility called Sports Club/LA, 10,600 sf of retail space and a 934-space parking structure.
Cushman & Wakefield is the exclusive leasing agent for the tower's office space. The building is close to signing several more tenants, says Robinson, who adds that leases are out for approximately 65,000 sf with five tenants. These leases are "not officially signed but far into lease negotiations," Robinson says. "We feel that we'll be announcing these deals in October."
"In addition to the wide range of luxury offerings, this landmark tower offers impressive Biscayne Bay and Brickell area views and functional use of space," according to Robinson. "In addition to the other leases we are currently negotiating, we anticipate even more activity when the tower opens on Oct. 1."
Millennium Partners' other properties include Four Seasons Hotel and Residences San Francisco, New York's Ritz-Carlton Hotel and Residences on Central Park and in Battery Park, The Ritz-Carlton Hotel and Residences Washington D.C. and Boston Common in Boston.
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