Avison Young’s South Florida office team negotiates extension of ±37,000 SF lease on behalf of Brickell Bank
MIAMI — Avison Young’s South Florida office tenant representation team successfully negotiated a ±37,000-square-foot long-term lease renewal on behalf of Brickell Bank at 1395 Brickell Avenue in Miami. Avison Young Principals Scott Goldstein and Keith Edelman secured the early renewal.
“In the tightening Brickell office market with class A occupancy at approximately 92 percent and rental rates on the rise, we were pleased to secure a below-market deal in advance of the lease expiration date in 2019,” said Goldstein.
Brickell Bank’s footprint at 1395 Brickell Avenue includes approximately 33,000 square feet for its executive offices and roughly 4,000 square feet of ground-floor retail space for the bank branch.
“We’ve observed a trend of tenants in the Miami Central Business District renewing leases early in consideration of increasing rents,” said Edelman. “Brickell’s average class A rates have risen by 4.3 percent year over year. Therefore, an early renewal was the best decision for our client.”
One of the most sought-after addresses in the market, 1395 Brickell Avenue is a 36-story mixed-use tower featuring 15 stories of class A space, 116 luxury condominium units, and the Conrad Hotel.