Brickell Bay Rebounding from H.I.G. Loss

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%.