Downtown Miami Office Building Sees Flurry of New Lease Commitments After Acquisition

Leasing activity is strong in Miami as its central business district is one of the latest areas to receive new lease commitments from new-to-market tenants and local businesses. 

According to Charles Russo, Southeast regional head for office and life sciences of Nuveen Real Estate, there are over 2.7 million square feet of Class A trophy office investments in Miami-Dade County.

Architecture firm Zyscovich Inc. has renewed its 25,000-square-foot of space spanning three floors at 100 Biscayne Blvd., a 30-story, 310,000-square-foot office building. 

Four additional firms, which range from fintech and design firms to foreign consulates, signed 45,000 square feet of space. New tenants include FundKite, a fintech firm relocating from New York, which leased 5,302 square feet of space; renewal and expansion of The Bahamas Consulate General of Miami; French linguistic school Alliance Française Miami Metro, Spectorgroup, an architecture and design firm; and general contractor J.T. Magen & Co.

RFR bought the Class A building at the beginning of this year for $81 million. The building is adjacent to the Metromover station and is near the Design District, Wynwood Arts District and Miami Beach neighborhoods.

“Since acquiring the asset this January, we have seen incredible leasing velocity,” said AJ Camhi, executive vice president and director of leasing at RFR, in a press release. “RFR’s reputation for providing exceptional office spaces combined with 100 Biscayne’s fantastic location across from Bayfront Park with stunning views is resonating with tenants in the office market.”

The CBRE team of Eric Groffman, Cameron Tallon, Joshua Gibbons and Emily Brais represented RFR in the transactions.

“We have signed over 45,000 square feet of leases in under four months and expect to continue this momentum moving forward with active negotiations underway for more than 30,000 square feet of space,” said Camhi.

Zyscovich Inc. CEO and founder Bernard Zyscovich said he’s happy RFR purchased the building as he’s impressed with its track record and reputation. 

“RFR is committed on every level to making this building a premiere boutique office destination in Miami and we are excited to keep our flag planted at 100 Biscayne,” said Zyscovich. 

Leasing activity is expected to continue rising throughout the next quarter as more people and businesses migrate to South Florida.

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