The value of the lease was not disclosed. However, based on the direct weighted average class A rental rate of $33.73 per sf in the downtown submarket, according to Cushman & Wakefield's third-quarter office overview for Miami-Dade County, the lease is estimated to be valued at close to $45 million.
Wachovia's lease at the 55-story, nearly 1.2 million-sf building, located at 200 S. Biscayne Blvd., lasts through 2017. Wachovia, which has been the building's anchor tenant since 1992, operates a 42,000-sf branch on the first floor and houses its corporate offices on five floors there.
"Wachovia has a long-term commitment to Miami and its future, which is further demonstrated by our signing this significant lease," Carlos Migoya, Wachovia's regional president for Miami, said in a statement.
Tim Prunka, senior vice president of real estate brokerage and management for CB Richard Ellis, and Danet Linares, a senior associate with CBRE, represented SRI Miami Venture LP, the owner of Wachovia Financial Center, in the transaction.
"Many high-profile building owners and brokers courted Wachovia," according to Prunka. "This extension represents a strong endorsement of downtown Miami and follows on the heels of decisions by major firms such as White & Case and Ernst & Young to remain in downtown Miami and at Wachovia Financial Center."
Publicly traded Wachovia Corp., a financial services provider, has assets of $389 billion and stockholders' equity of $33 billion as of September 30.
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