TAMPA-The M&I Bank Building in Sarasota just leased out an entire floor to a local law firm. Kirk-Pinkerton, P.A. signed a lease for the sixth floor, which spans 10,104-square-feet.

CBRE associate Kimberly Rogers and senior associate Michael Fisher represented the landlord and building owner, iStar Financial, in the transaction. Ian Black of Ian Black Realty represented to Kirk-Pinkerton. The new lease brings the 128,389-square-foot office building to more than 76% occupancy.

“KP was previously located at the Plaza at Five Points in downtown Sarasota,” Rogers tells GlobeSt.com. “KP did not expand, they downsized on a per-square-foot basis into a full floor at our building. The move gave them an opportunity to have a more efficient floor plan thereby reducing their needs on a per-square-foot basis.”

The M&I Bank Building has undergone complete renovations of its common areas, upgraded security and revitalized the grounds. To date, iStar has invested more than $1.3 million into renovating the 11-story building, which is located at the corner of South Pineapple Avenue and Ringling Boulevard. Rogers says the recent renovations elevated the status of the building in the market.

“KP’s move to our building represents a trend in the market: New tenants to the market are rare, but, like KP, existing office tenants are out looking at what’s available to make sure they are getting a good value for their leasing dollars,” Rogers says. “In the end, I just think we are a better value without sacrificing the quality a class A tenant wants and needs. That’s our goal with the renovations.”

Kirk-Pinkerton marks M&I’s first new tenant since phase one renovations were completed in the second quarter. And iStar Financial isn’t done yet. The company is planning another $400,000 in renovations this year. That should help attract more occupants in the coming quarters.

“It is still a tenant’s market in Sarasota,” Rogers says. “The office market in downtown Sarasota is the strongest and largest sector in the Sarasota County office market. The downtown market has a vacancy rate of approximately 13.56% while the overall vacancy rate in the county is approximately 21.03% vacant.”