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.
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