MIAMI-The Southeast Financial Center didn’t only get a new name—it got a new brokerage firm. Southeast Financial Center changed its name from Wachovia Financial Center just weeks ago. Now, the 1.225-million square-foot tower in the heart of Miami’s Central Business District has inked a deal with Jones Lang LaSalle to oversee the exclusive office leasing and property management for the building.
JLL takes over for Cushman & Wakefield. Official press statements from the building's ownership offer only a broad explanation: JLL’s capabilities “better complement the ownership’s long-term vision” for Southeast Financial Center. The shift in leasing and management is part of the property’s repositioning, and an awkward move for CushWake, which takes up about half a floor in the building.
"Cushman & Wakefield is pleased to have worked on behalf of JP Morgan at Southeast Financial Center during some of the most difficult financial times in real estate history," a company spokeperson tells GlobeSt.com. "While the market has begun to recover, it is not uncommon for owners to make a change as part of their leasing program. We are proud of our role in the repositioning of the property, which will continue to make it an iconic office symbol in Miami."
JLL declined to comment beyond a press statement in which Bill Krouch, CEO of Markets at JLL, says the firm is “honored to be chosen to lead the efforts” for the tower. Institutional investors advised by J.P. Morgan Asset Management - Global Real Assets also declined to comment on the switch from CushWake to JLL.
Bilzin Sumberg left the older asset for the newer 1450 Brickell. Ratzan & Rubio and Korn/Ferry International also left Southeast Financial Center for 1450 Brickell, and Wachovia Securities and Deloitte & Touche left the tower for newer office space at the Wells Fargo Center. Sources familiar with the matter say that another Southeast Financial Center tenant plans to leave for 1450 Brickell in the coming weeks.
JLL has yet to name a lead broker for its new gig at Southeast Financial tower. Donald Cartwright, director of Leasing with Cushman & Wakefield, was responsible for leasing the asset even through the tower’s recent name change. Cartwright came to CushWake in 2008 when the South Florida office was run by Tere Blanca, who later left to launch Blanca Commercial Real Estate and handles office leasing for competing towers, including 1450 Brickell.
Located at 200 South Biscayne Boulevard in downtown Miami, Southeast Financial Center offers two buildings: a 55-story class A Office Tower distinguished by its striking “saw-tooth” design on the northeast corner of the fa
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