Wachovia Bank Signs $45M Lease Extension

MIAMI-In perhaps the largest lease of its kind in sf signed in South Florida this year, Wachovia Bank NA inked a deal extending its 137,807-sf retail and office space lease at Wachovia Financial Center in the downtown area, an additional 10 years.

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.