(Crystal Proenza is associate editor of Real Estate Florida.)

[IMGCAP(1)]MIAMI-Banco Itaú Europa International has recently acquired the Miami-based edge arms of BankBoston and ABN Amro, which had a 35,000-sf lease in place at the Wachovia Financial Center to expire in 2012. Banco Itaú, which is affiliated with Banco Itaú SA, Brazil's second-largest non-government commercial bank, sought to consolidate its operations into one office and has renewed and extended the lease at 200 South Biscayne Blvd. to 38,143 sf in a ten-year deal valued at approximately $25 million.

"Since their lease was expiring in 2012 they had the opportunity of looking at the new buildings that are under construction in Miami which are adding a significant amount of space, but have decided to stay at Wachovia Financial Center and renovate their premises there," says Don Cartwright, director of leasing at Cushman & Wakefield who represented the landlord in the deal. "Having the assurance of a quality tenant base and the proven track record of the management and operations of the building were important considerations for the company to extend their lease."

[IMGCAP(2)]Tenants at the 1.1-million-sf class A building, constructed in 1984, include international law firms, investment banks and major accounting firms. The building is currently 98% leased with rental rates ranging from $42 to $55, says Cartwright.