Miami's 1450 Brickell Tower Signs Four New Leases

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The 1450 Brickell Avenue office tower in Miami's Brickell Financial District, has finalized leases with New York Stock Exchange-listed commercial real estate capital markets firm HFF (Holliday Fenoglio Fowler, L.P.); London, England-based insurance provider Catlin Insurance; specialty insurance provider Endurance U.S. Holdings Corp.; and international architectural design firm Museotec.

The new leases account for roughly 17,000 square feet of office space, bringing the total amount leased at 1450 Brickell to more than 310,000 square feet. HFF's move to 1450 Brickell marks an expansion for the national firm's Miami office, while the Catlin Insurance and Endurance U.S. Holdings Corp. occupancies represent those firms' first permanent offices in South Florida. Financial terms of the agreements were not disclosed.

The HFF, Catlin Insurance, Endurance U.S. Holdings Corp. and Museotec leases continue a steady stream of transaction activity at 1450 Brickell, beginning with law firm Bilzin Sumberg's 80,000 square foot lease in late 2009. Recent tenant signings include: JP Morgan Chase, BNY/Mellon, executive search firm Korn/Ferry International, private investment firm H.I.G. Capital, Spanish financial institution Bancaja, law firm Ratzan & Rubio, investment banking firm BroadSpan Capital, and Kempler Energy. Sacha's Café has also leased retail space and is scheduled to open in the building's breezeway in the second quarter of 2011.

Tere Blanca and Danet Linares of Blanca Commercial Real Estate represented landlord 1450 Brickell, LLC and Rilea Group in the transactions. Jose Juncadella of Fairchild Partners represented HFF in its lease. Mark A. Coffey of Irvine, California-based Bailes & Associates, Inc. represented Catlin Insurance. Endurance U.S. Holdings Corp. worked with Madison Partners and Bankers International Realty, LLC represented Museotec.

The HFF, Catlin Insurance, and Endurance U.S. Holdings Corp. leases are particularly noteworthy because they will result in positive absorption for the Miami market, according to Tere Blanca, President and CEO of Blanca Commercial Real Estate. "As tenants with a South Florida presence look to expand operations and new tenants enter the market, 1450 Brickell is fulfilling its promise as a corporate magnet in Miami's Brickell Financial District. For many companies, a move to 1450 Brickell opens the door to new opportunities for doing business with some of the region's top corporations," said Ms. Blanca.

"1450 Brickell was one of the first properties we considered when it came time to evaluate options for relocating and expanding HFF's Miami office," said Manny de Zárraga, Executive Managing Director in the Miami office of HFF. "We were drawn to the building's strong ownership team, superior construction quality, and easily-accessible location in the Brickell Financial District, which offers a great lifestyle component for our employees and visitors. Most importantly, our move to 1450 Brickell puts our firm in a position to build relationships with the companies that already call the building home, many of which are among the region's blue chip firms."

1450 Brickell's setting in Miami's Brickell Entrance neighborhood means tenants are within walking distance of more than 30 retail businesses, restaurants, residential towers and high-end hotels, as well as Miami's Metro Mover, which provides transportation throughout Downtown Miami. Tenants are also drawn to the building's location away from the Miami River, affording them and their visitors the conveniences of the Brickell Financial District without the traffic headaches spawned by the bridges spanning the River.

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