MIAMI-The John S. and James L. Knight Foundation renewed its nearly 23,000 square-foot lease at the 1.2 million-square-foot Wachovia Financial Center in downtown, the largest Class A office building in South Florida.

The Knight Foundation renewal comes at a time when Wachovia Financial is facing competition from two new buildings in downtown and Brickell--the 750,000-square-foot Wells Fargo Center across the street, which just lured away major tenant Deloitte, which moved into 50,000 square feet at the building, and the nearly 585,000-square-foot 1450 Brickell building less than a mile to the south. One other major tenant at Wachovia Financial, the law firm Bilzin Sumberg, will be moving out in the next six months.

The Knight Foundation, a training and advocacy organization for journalism and the arts, will continue to occupy a full floor at Wachovia Financial. It didn’t need to shrink or grow, says Jack Lowell, vice president at Flagler Real Estate Services, LLC, who represented the Knight Foundation in lease negotiations and who is also the leasing agent for the Wells Fargo Center. Usually what drives tenants out of buildings is the inability to grow or reconfigure their space, he says.