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Companies from around the globe continue to come to Miami as the city’s most highly touted Class A office building, 830 Brickell, prepares to welcome tenants.
“We have tenants that are currently building out their spaces now,” said Ryan Holtzman, executive managing director at Cushman & Wakefield, “but we believe the building will be complete and TCO’d [get a temporary certificate of occupancy] either by the end of the first quarter or beginning of the second quarter of this year.”
The Class A building will be housing well-known companies such as Microsoft, Citadel and Kirkland & Ellis, said Mr. Holtzman.
“The larger household name firms … want to be in Brickell, and they want to be in the premier building, which is 830,” said Mr. Holtzman, “because that’s our Wall Street of Latin America, that is our financial district. A lot of these big names want to be in the mix of it. You want to walk out of your building and it almost feels like a little Manhattan, you have tons of energy, tons of like-minded people walking around. You go to lunch and you see colleagues from other buildings. So, they chose to be in our CBD, our central business district, for that reason.”
The building includes vast amenities.
“Our amenities are state of the art,” said Mr. Holtzman. “We have a sky lobby, where you have a bar, coffee shop, food as well. For instance, if you decide to go to work, and you’re pulling up to the building, with a third-party app you can press a button and have your coffee with three sugars and two creams waiting for you when you enter the building. So in terms of touch-and-press amenities, we have it all, coupled out with a state of the art fitness center, which is on caliber with your Equinox or your Anatomy of Miami that are available to the tenants….”
“Our rooftop restaurant and bar will probably be the nicest, most exclusive place to eat and to drink in the city of Miami,” he said. “There’s an outdoor bar that overlooks the skyline of Miami, which is just breathtaking views of the bay in the city. That’s going to be something very special that Miami has really never had before.”
The building is almost 100% leased, said Mr. Holtzman. Some space was held off intentionally in order to potentially accommodate existing tenants that were looking to expand, he said.
“We’re asking $200 a foot for our last available space,” he said. “I can’t name another market in the entire world where rates have escalated so quickly, and it’s because demand is outpacing supply for Class A premier office product in Miami.”
The decision for many firms to move to Miami is what set the project in motion.
“The post covid story is really the piece of the puzzle for this building, and post covid there were a myriad of firms that decided to expand or relocate in general to Miami, and they were looking for best in class office space,” Mr. Holtzman said. “Miami, at the time, compared to New York City, for instance, just didn’t have that caliber of Class A office product, and so we delivered this incredible brand new Class A product. There hasn’t been a building this size delivered in almost 10 years in Miami, and so the firms that signed leases in 830, they found that it was as close to call it a New York office building like the premier trophy office building as you could possibly get.”
In addition to the currently housed firms, said Mr. Holtzman, “I believe that this is just the tip of the iceberg, and I believe that there are going to be household names of firms that are currently headquartered in New York or Connecticut or Chicago. This is just the beginning. And I think there’s going to be another wave of larger firms that decide to either relocate their entire firm or expand into Miami.”
Transportation, he said, is also contributing to Miami’s convenience.
“You have incredible weather and incredible schools,” said Mr. Holtzman. “Our public transportation is getting better and better with the Brightline, and more stops opening in the Brightline that connects Miami all the way to Orlando. You can live in Fort Lauderdale or Boca or Palm Beach, and [have an] office in Miami. Everything is kind of connecting now in South Florida, which it’s a new concept, but it’s happening in real time, and it’s happening very fast.”
Janetssy Lugo
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