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

MIAMI-Bilzin Sumberg Baena Price & Axelrod LLP and Brickell Holdings LLC have terminated a 10-year lease agreement for the law firm to occupy 115,000 square feet in the developing Brickell Financial Centre. The end of the $58-million deal signed last April comes as a shock to an already volatile Downtown Miami office market, local brokers tell GlobeSt.com.

Bilzin Sumberg was the only tenant signed at the 1.5-million-square-foot Brickell Financial Centre being developed by Miami-based Foram Group. The building owner "is in negotiations with several other major tenants and construction is continuing according to schedule," according to a statement issued by CB Richard Ellis late Thursday. Bilzin Sumberg and Foram Group could not be immediately reached for comment.

Sources speculate that many major law firms throughout the country are downsizing and the state of the economy had an impact on the potential demise of this agreement because the firm might have needed less space within the building. Bilzin Sumberg is currently headquartered at the Wachovia Financial Center at 200 S Biscayne Blvd. in Downtown Miami, where it occupies 85,000 square feet.