(Crystal Proenza is associate editor of Real Estate Florida.)
MIAMI, FL-It has been speculated since earlier this year that international law firm Greenberg Traurig LLP was looking to leave its current 160,000 sf at 1221 Brickell when that lease expires in 2010. Now the firm has officially announced its future move to Met 2, a 700,000-sf, 47-story speculative office tower under construction on SE Second Avenue.
Greenberg has signed a lease to occupy 150,000 sf by fall 2010, says Jack Lowell, managing director of Flagler Real Estate Services/Oncor International, which handled the transaction on behalf of Met 2 owner MDM Development. Greenberg represented itself in the deal. Daily Business Review, a Miami-based newspaper related to GlobeSt.com, reports that a spokeswoman revealed that the 15-year lease was in the "mid to high $40s per sf."
Greenberg was an original tenant at 1221 Brickell when the 27-story building opened in 1986 and currently has 30 locations throughout the US, Europe and Asia, with approximately 180 employees in Downtown Miami. The move from the Brickell area is an indication of the resurgence of Miami's core CBD, Lowell tells GlobeSt.com, and points to the fact that the company is returning to its original location.
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