Avison Young retained by new ownership to lease 800 Brickell, a 209,122 SF trophy office building in Miami’s Financial District
Up to $3M of capital improvements planned for 15-story building in highly sought-after Brickell submarket
Miami — Avison Young has been named the exclusive leasing firm for the 15-story, 209,122-square-foot office tower at 800 Brickell Avenue in Miami. The assignment was awarded by new-to-market ownership, New York-based family firm Gatsby Enterprises in partnership with MasterMind Properties, which acquired the asset for $125.5 million in July 2019.
“With the 4.9 million-square-foot shopping and mixed-use Brickell City Centre directly across the street and The Shops at Mary Brickell Village directly behind, 800 Brickell is ideally positioned for ownership to incorporate complementary live-work-play concepts,” said Donna Abood, Principal and Managing Director of Avison Young’s Miami operations. “As tenants look to Brickell for quality space and amenities in the heart Miami’s Financial District, our client will make substantial upgrades to common areas, tenant spaces, and the exterior of the tower to attract additional gold-standard office users.”
Ownership will invest up to $3 million into capital improvements at 800 Brickell, a long-term, value-add investment for the company. In addition to Ms. Abood, Avison Young Vice President Joe Abood and Associate Peyton Dowd will spearhead office leasing. Darryl R. Kaplan Company is handling leasing for the retail component, which encompasses the first two floors of the property.
“Brickell remains one of Miami’s most highly sought-after office markets, appealing to a broad range of tenants, especially professional services and financial firms,” added Ms. Abood. “With office occupancy at 84.8%, we look forward to leasing up vacancies at market rents and retaining strong, synergistic tenancy at 800 Brickell.”
Miami’s office market recorded positive net absorption and healthy leasing activity overall during third-quarter 2019. One of the three largest class A office submarkets in terms of inventory, Brickell posted the lowest class A vacancy at 7.18%, followed by Airport/Doral (11.59%) and Downtown Miami (19.86%).
A trophy office tower, 800 Brickell features a three-story atrium, a courtyard plaza, abundant parking and valet service, and convenient on-site amenities, which will soon include a 12,000-square-foot fine dining and quick-service restaurant. In addition to restaurants, shopping, and entertainment, the property is walking distance to financial institutions, health clubs, and prestigious hotels. The location also boasts easy access to public transportation, including Metrorail, Metromover, Metrobus, and Brickell Trolley, as well as immediate entry to Interstate 395, Interstate 95, and the 836 Expressway. Tenants and visitors can access the building from SE 8th Street, ideal for avoiding Brickell Avenue traffic.