MIAMI-When H.I.G. Capital left the Brickell Bay Office Tower at the end of 2010, the perennial office tower took a major occupancy hit. But now the building is roaring back with 85% occupancy once again and property managers expect the asset to return to the mid-90s by the end of the second quarter.
The 32-story Brickell Bay finalized leases accounting for 67,425 square feet of space in 2010—19 leases in all. Six were lease renewals, a noteworthy accomplishment in a Downtown Miami/Brickell office market that’s seen a plenty of tenant’s shifting to the flood of new office space that came online. Office space occupancy in the Downtown Miami/Brickell area is hovering around 75%.
“Most of our tenants have been here for over 10 years,” Christian Driussi, vice president for Brickell Bay Office Tower, tells GlobeSt.com. “One of the main reasons is the extended service the client receives. Despite competition from newer assets, we were able to complete leases accounting for nearly 25 percent of Brickell Bay Office Tower’s total rentable square footage.”
New additions to the building’s tenant base include Right Space Management, Syntel, Hiscox, Trans American Equity Partners Bancard Financial Services, and 1st United Bank. The list of tenants that renewed their leases in 2010 includes The Hackett Group, Newmark Southern Region, law firm Fuerst and Ittleman, Taplin Canida & Habacht, and Conitex Sonoco. They join a tenant roster that includes some of Miami’s most prominent businesses, including AON Group, Mallah Furman & Company, and Morrison, Brown, Argiz, & Farra, LLP.
Brickell Bay Office Tower’s strong occupancy is consistent with a trend that is leading companies in South Florida and across the U.S. to shift their focus to occupying space in urban areas following a period of high demand for suburban space. But Driussi Brickell Bay is well-positioned among office properties in downtown Miami due to a number of factors.
“Brickell Bay Office Tower’s strong, well-capitalized ownership, stable roster of grade-A tenants, unobstructed views of Biscayne Bay, and convenient location in the Brickell Financial District remain extremely appealing to users in the market for class A space,” Driussi says. “Couple those features with a unique building design that offers 10,000 square foot users an opportunity to occupy a full-floor, and you begin to understand why Brickell Bay Office Tower is a unique product in this market.”
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