Brick & Timber Files Lawsuit Against Wynwood Building Tenant
Another tech firm allegedly ghosted a Brick & Timber Collective property in Miami’s Wynwood neighborhood.
A Brick & Timber affiliate is seeking more than $20 million in damages, including unpaid rent, against its tenant, Amyris, according to a lawsuit filed last month in Miami-Dade County Circuit Court.
Amyris, a biotechnology company headquartered in Emeryville, California, allegedly abandoned a lease to occupy the entire three-story building at 2724 and 2734 Northwest First Avenue owned by San Francisco-based Brick & Timber, the complaint states.
Last year, New York-based cryptocurrency exchange Blockchain.com backed out of a deal to establish a new headquarters at Cube Wynwd while Brick & Timber was under contract to buy that Wynwood office project. Blockchain.com signed for two floors, but never moved in. In December, Brick & Timber closed on Cube Wynwd at 222 Northwest 24th Street for $62 million.
Despite efforts to crown Miami the next tech mecca, leasing by technology companies has been on the decline since 2021, recent data shows.
In the latest tech tenant withdrawal, Amyris breached its obligations outlined in the lease, Brick & Timber partner Jesse Feldman told The Real Deal. Amyris doesn’t comment on pending litigation, an Amyris spokesperson said via email.
“We were looking forward to Amyris’ utilization of one of the most special buildings in our portfolio,” Feldman said. “Unfortunately, after signing their lease, Amyris made little to no progress toward opening this location.”
Amyris, which specializes in beauty and cosmetic products, signed a 10-year lease that commenced in May of last year for roughly $133,000 a month, the lawsuit states. The same month, Brick & Timber, paid $9 million for the office and retail property in an off-market deal.
Amyris did not build out the interiors and did not maintain the building as required by the lease agreement, the lawsuit alleges. Brick & Timber, which is co-led by partner Glenn Gilmore, sent default notices to Amyris in December and February that went unanswered, the complaint states.
Amyris is undergoing significant change since the company’s former CEO, John Melo, signed the lease, Feldman said. On June 26, Melo resigned from his job after the publicly traded company announced it was seeking to cut $250 million in costs by reducing operating expenses and streamlining its business portfolio, an Amyris press release states.
Blockchain.com’s unfulfilled lease also sparked litigation aimed at another Brick & Timber affiliate that owns Cube Wynwd. Miami-based Blanca Commercial Real Estate is suing Brick & Timber and the previous owner for allegedly failing to pay the second half of a $546,438 commission for signing Blockchain.com. In its defenses, Brick & Timber maintains that the second half will be paid if and when Blockchain.com occupies the space at Cube Wynwd. Blanca’s lawsuit is still pending.
In addition to owning Cube Wynwd and the three-story building, Brick & Timber paid $49 million last year for the Wynwood Annex office and retail building at 215 Northwest 24th Street.
