MIAMI-Nine-Ninety-Nine Brickell is bucking the flight-to-quality market trend in downtown Miami, inking seven new leases totaling 21,142 square feet in the past two quarters. The 1973 building is now 80% occupied, in line with much newer downtown buildings.
CB Richard Ellis’ Noelle Steinfeld brokered the leases at the 11-story, class B office building in the heart of Miami’s Financial District. About 20,000 square feet remains after Geico took down 6,000 feet in August.
Other recent deals include Deltona Corporation and Corpag USA, which occupy nearly 5,000 feet. Aspen Insurance recently signed on for 2,404 feet. Crawford and Company inked a deal for 2,477 feet. Lorusso Realty and Airport Shoppes signed for a combined 5,584 square feet. The new leases make up 21% of the building’s square footage.
“In the past, 999 Brickell was marketing the floors as is,” Steinfeld tells GlobeSt.com. “When we took over the property in the fourth quarter of 2009 we advised the client to do these spec suites. That drove many of these deals because the smaller tenants could walk in and touch the space—and they knew it was going to be ready when they needed it.”
999 Brickell offers panoramic views of Biscayne Bay and the financial district. The property features ingress points along both Brickell Avenue and Brickell Bay Drive, allowing tenants to bypass Brickell Avenue congestion while still providing access to Interstate-95, Miami-Dade County's major north-south arterial thoroughfare. 999 Brickell is also a block from Mary Brickell Village with its retail shops and restaurants.
Although a large law firm may not be suitable for 999 Brickell because of the floor layout, smaller tenants find the space ideal with the infrastructure improvements and upgraded building image, Richard Schuchts, a senior vice president at Jones Lang LaSalle, tells GlobeSt.com. As he sees it, 999 Brickell is the exception to the class B office space rule in downtown Miami.
“More often than not you are going to see B buildings lose tenants to the newer buildings or even to the older class A buildings,” Schuchts says. “As the new buildings pull the tenants away from the traditional class A buildings, the traditional class A buildings pull the tenants from the B buildings. 999 Brickell is demonstrating the opposite of that trend.”
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