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.