MIAMI-Brickell Bay Office Tower has invested $1 million into capital improvements to compete against the glut of brand new office space in Miami's urban core. Now, the class A office tower is investing millions more in the next phase of its program.
After wrapping up $1 million in upgrades to the building’s corridors and common areas, Brickell Bay Office Tower is spending $1.8 million to modernize its elevator system. Schindler Elevator is planning the scheme and will begin construction this spring.
“There is a constant comparison between the existing office buildings and the new office buildings,” Christian Driussi, vice president for Brickell Bay Office Tower, tells GlobeSt.com. “The competition is still strong. The vacancy rate within the area is still relatively high. We are doing well but in order to make sure we stay on this path we have to continue to invest.”
Doing well may be an understatement. Brickell Bay Office Tower is outperforming the market at 91% occupancy despite losing a major tenant last year. Brickell Bay inked more than 100,000 square feet of leases in 2011 and boasts tenants like AON Group, Right Space Management, the British Consulate, and Au Bon Pain.
In addition to introducing the most advanced safety features and technology available, the elevator enhancements will drive down energy consumption and offer faster transport speeds. The system’s cables, motors, gearboxes and rails will all be upgraded. Elevator cabin interiors in the tower’s high rise and low rise structures will also be refitted with LED lighting, marble flooring, and decorative wall finishes. Brickell Bay ownership also plans to install glass sculptures in the tower’s lobby and atrium, as well as new outdoor seating in a landscaped patio, and updated design finishes.
“Part of the reason we’ve reached 91% occupancy is because we are constantly making improvements,” Driussi says. “We’ve received positive feedback rom existing tenants and new tenants and when prospects come to the building they are pleased. We believe our investment has played a big role in the turn around and ability to recuperate from the loss of a big tenant.”
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