Nuveen Inks 121 KSF Office Lease Renewal in Miami
701 Brickell. Image courtesy of Cushman & Wakefield
Law firm Holland & Knight LLP has signed a 121,032-square-foot lease renewal at Nuveen Real Estate’s 701 Brickell in Miami. Cushman & Wakefield brokered the deal on behalf of the landlord, while CBRE represented the tenant.
Holland & Knight will continue to occupy six floors of office space at the 33-story tower. Nuveen acquired the Class A property in 2002 for $172 million, according to CommercialEdge information.
A 96 percent-leased Miami office property
Situated on Brickell Avenue while also fronting Biscayne Bay, the LEED Gold-certified and Energy Star-rated building features efficient floorplans, a newly renovated lobby, a conference facility and a fitness center, as well as covered parking and on-site café. Additionally, the office tower holds a central position in Miami’s Brickell financial and tech neighborhood, with easy access to 31 different transit routes.
Cushman & Wakefield has been managing the leasing operations at 701 Brickell on behalf of Nuveen since April 2019. Last year, the landlord secured leases amounting to a total of 71,292 square feet through nine transactions. Presently, the building has a 96 percent occupancy rate; Bank of America, Merrill, EFG Capital, Van Holland Group and DRA Advisors are among its tenants.
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Cushman & Wakefield Vice Chairman Brian Gale and Senior Director Edward Quinon represented Nuveen Real Estate. CBRE Vice Chairman Todd Lippman and Senior Vice President Shay Pope assisted the law firm in the negotiations.
Earlier this year, the same Cushman & Wakefield brokers represented Metropolitan Life Insurance Co. in a 101,000-square-foot lease at the Wells Fargo Center building in downtown Miami. According to the latest CommercialEdge report, as of May, the Miami office market had an overall vacancy rate of 11.8 percent.
