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Santander to Occupy 95,000 Square Feet at New Miami Office

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

Santander Bank has signed a lease agreement for 95,000 square feet of prime Miami office space at 830 Brickell, a 55-story Class A development that is expected to be completed by the end of the year. Developed by OKO Group and Cain International, the property located at 830 Brickell Plaza is scheduled to welcome tenants moving in during the first two quarters of 2023.

Located in the heart of Brickell and equipped with the latest in office amenities, the building has attracted a lot of attention. At the time of this deal, 830 Brickell was nearly fully leased, sporting an impressive roster of high-profile tenants that have driven up asking rents past $120 per square foot — a record for the Miami market.

The price hike at the new office property on Brickell Plaza is part of a larger trend: The influx of companies to South Florida led to a 42% year-over-year increase in rates across the entire Miami-Dade County market. In fact, this prompted some companies (particularly those that made a commitment prior to the pandemic) to pull out of Miami.

One such example was WeWork, which had originally signed on for 146,000 square feet across 10 floors in 2019. While the coworking operator relinquished its agreement at 830 Brickell earlier this year, plenty of other companies jumped at the opportunity to occupy space in one of the city’s most exciting office projects. Among them, Ken Griffin’s hedge fund Citadel will occupy 93,000 square feet there as it awaits the completion of its new headquarters in the Brickell area. Likewise, New York-based insurance firm A-CAP leased the entire 35th floor, totaling 20,000 square feet, while Canadian asset management company CI Financial doubled its original footprint to roughly 40,000 square feet.

The tenant list at 830 Brickell also includes the likes of: Microsoft; private equity firm Thoma Bravo; high-profile Chicago law firms Baker McKenzie, Winston, & Strawn LLP and Sidley Austin LLP; and global aircraft leasing leader AerCap.

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