MIAMI—1450 Brickell has inked another five leases spanning about 19,500 square feet. The new deals bring the class A tower’s occupancy up to 77% after just 21 months on the market.
Global reinsurer Swiss Re America Holding Corp.; luxury leather goods supplier Longchamp USA; private equity investment firm MDR Americana; food manufacturer H.J. Heinz Co.; and London-based insurance provider Catlin Insurance Co. all signed leases in January. Catlin Insurance’s lease represents an expansion of the company’s original lease at the office tower earlier this year.
Tere Blanca and Danet Linares of Blanca Commercial Real Estate represented landlord 1450 Brickell, LLC and Rilea Group in the transactions. Randy Olen of Colliers International South Florida represented Swiss Re America; Joe Abood of Colliers International South Florida represented Longchamp USA; Helena Gonzalez and Maurizio Oronzo of Avanti Way Realty represented H.J. Heinz Company; and Mark Coffey of Bailes & Associates represented Catlin Insurance.
“Some of the activity that we’ve experienced at 1450 Brickell has been new-to-market activity,” Blanca, CEO of Blanca Commercial Real Estate, tells GlobeSt.com. “We attribute this success to the building’s superior location on Brickell Avenue, exceptional design and construction quality, strong ownership, and its tenant roster, which continues to draw leading firms from around the world.”
The new batch of leases at 1450 Brickell continues a steady string of activity that saw the tower complete leases totaling 131,396 rentable square feet of class A space in 2011. The transactions drew a healthy mix of major corporate users, locally-based firms, and new-to-market tenants. Linares, executive vice president of Blanca Commercial Real Estate, tells GlobeSt.com she expects the building to be over 90% leased by the end of the first quarter.
“New-to-market tenants are great for us and great for Miami,” Linares. “We’re not robbing Peter to pay Paul. This consistent lease activity is a positive sign of things to come this year as the economy strengthens and the commercial real estate market gains momentum in 2012.”
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