The value of the lease was not disclosed; however, the direct weighted average class A rental rate in the local submarket was $30.53 in the third quarter, according to Cushman & Wakefield's Miami-Dade County office overview. Using this as a guideline, the sublease is estimated to be valued at more than $3 million.
The law firm subleased the space from Public Service Enterprise Group, an energy giant that leased the space two years ago. After the downturn in the economy, Public Service Enterprise Group decided it did not need the space and never occupied it.Grubb & Ellis senior vice president Richard Cooper represented Public Service Enterprise Group in the transaction. Bob Orban of Trammell Crow represented Becker and Poliakoff.
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