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Novo Platform Joins BNP Paribas & Banco Master at 801 Brickell

| Commercial Real Estate News, Deals, Featured, Leasing, Office| Views: 0

Fintech company Novo Platform is the latest name to sign a lease at Miami’s 801 Brickell, following recent deals inked by São Paolo-based digital bank Banco Master and French banking giant BNP Paribas. Novo is set to occupy 18,450 square feet on the building’s 22nd floor for the next 12 years. It’s expected to move into its new premises in about 10 months, once renovations at the property are completed.

Colliers’ Stephen Rutchik and Tom Farmer represented the landlord, Nuveen Real Estate (one of the largest investment managers in the world), while Alec Kirshner of Current Real Estate Advisors negotiated on behalf of Novo.

“We could not be more pleased to welcome Novo and Banco Master to the 801 Brickell tenant roster,” said Charles Russo, southeast regional head for Nuveen. “As we work alongside Stephen and Tom on the Colliers team, 801 Brickell is poised to further capitalize on the strong tenant demand for office space in the Brickell submarket. The cross-section of industries represented by recent deals is a testament to the growth that south Florida continues to see, especially from financial services firms looking to solidify their presence here.”

In December, BNP Paribas closed on a 7.5-year lease agreement for 7,665 square feet of office space, while Banco Master signed an agreement for 5,228 square feet of space on the fifth floor of the building.

Plus, 801 Brickell’s prospects for a high occupancy rate for the upcoming years were further bolstered by the decision of two longtime tenants — Royal Bank of Canada and Charles Schwab — to renew their leases. Similarly, one year ago, Mastercard also renewed its lease agreement with Nuveen. Thus, with the addition of this latest deal with Novo, the 28-story tower’s occupancy rate has reached 93%.

Built in 1984, the 415,000-square-foot office space in Miami’s Brickell district is currently undergoing improvements that include a revamp of the lobby, on-site fitness center and conference rooms, as well as the addition of a tenant lounge.

The property (which Nuveen has owned since 2002, when it paid $80.3 million to acquire it) is also home to Komodo Miami, a high-end, southeast Asian eatery and gathering place for celebrities, athletes and local socialites owned by David Grutman’s Groot Hospitality.

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