Miami's 1450 Brickell Office Tower Leases 200,000 Square Feet of Deals

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1450 Brickell Avenue, a 'class-A' office building in Miami's Brickell Financial District has finalized leases with Bancaja, H.I.G. Capital, Kempler Energy, law firm Ratzan & Rubio, Agri Commodity Trade, Preston III, global commodities trader Yntegra and another undisclosed signed tenant.

1450 Brickell developer Rilea Group, the property's management company Rilea Management LLC, and the project's exclusive leasing agent, Blanca Commercial Real Estate, also announced their relocations to 1450 Brickell. The new transactions - along with the September 2009 announcement that law firm Bilzin Sumberg will relocate from Wachovia Financial Center to 80,000 square-feet at 1450 Brickell - bring the total amount of leased space at the tower to more than 200,000 square-feet. Financial terms of the deals were not disclosed.

The Bilzin Sumberg and H.I.G. Capital transactions are among the largest office leases finalized in the Miami market over the past eight months.

Tere Blanca and Danet Linares of Blanca Commercial Real Estate represented landlord 1450 Brickell, LLC and Rilea Group in the transactions. Rashid Siahpoosh of Transwestern South Florida represented Ratzan & Rubio, which will relocate its existing office from the 54th floor of Wachovia Financial Center, the highest floor of any office building in Florida. Alan Kleber, John Marshall and Matthew Cheezam of Cushman & Wakefield of Florida represented H.I.G. Capital. Barbara Liberatore and Matthew Goodman of CresaPartners represented Kempler Energy, which is relocating from New York City and entering the Miami market. The other transactions did not involve co-brokers.

"Boasting the most convenient and accessible location in the Downtown Miami/Brickell Financial District and the highest standards in building infrastructure and finishes of any office building in South Florida, 1450 Brickell continues to attract top quality tenants," said Blanca Commercial Real Estate President and CEO Tere Blanca. "The 1450 Brickell ownership team's financial strength and commitment to the asset are also key factors for savvy tenants. As companies align their business goals with their real estate objectives and look to secure a twenty-first century work environment, the long term financial stability of an asset takes precedence. 1450 Brickell excels in this category."

Other factors driving tenant traffic to 1450 Brickell include the building's panoramic views, location within walking distance of more than 30 retail businesses, restaurants and high-end hotels, and close proximity to 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.

"When evaluating our options for relocating our corporate headquarters, it soon became clear that 1450 Brickell is going to be South Florida's premier office building for the foreseeable future," said Ruth Brophy, Chief Financial and Administrative Officer of H.I.G. Capital. "We were attracted by the building's strong ownership, accessible Brickell Avenue setting, and to the enhanced business environment that this location will present H.I.G. Capital. Our move to 1450 Brickell is emblematic of our long-term strategic commitment to Miami."

1450 Brickell also stands out for its LEED Gold pre-certification and superior construction quality. The building is fabricated with above code large-missile impact glass from top-to-bottom, making its exterior curtain wall window system one of the nation's strongest. The tower also sports an above code backup generator that can power tenants' basic electrical needs during outages.

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