Avison Young Brokers 21 KSF Miami Lease
- Oct 07, 2019
Millennium Partners has closed on a 21,000-square-foot lease with Bolton Global Capital at the Four Seasons Tower in Miami. Principal Wayne Schuchts and Broker Bobby Benton from Avison Young worked on behalf of the landlord, while Savills’ Managing Director Steve Woodworth and Associate Director Tyler Wyant represented the new tenant. Recently, another team from Avison Young arranged the sale of two Florida office assets.
The 70-story tower is the second-largest building in Miami’s Brickell submarket, and includes 1.5 million square feet of retail as well as, according to Yardi Matrix information, six floors of parking, a separately owned hotel between floors seven and 40 and residential units from floor 40 to 70. Located at 1441 Brickell Ave., the asset offers access to a variety of retail, office, hospitality, entertainment and residential destinations. The new lease brings the building’s occupancy to 96 percent. Yardi Matrix data shows that the tenant roster includes HSBC, Urban Real Estate and several law companies, as well as Avison Young.
Brickell’s Class A office vacancy rate is 7.34 percent and is the lowest of all Miami-Dade County submarkets with a Class A inventory of more than 1 million square feet, per a recent Avison Young report. Regarding rents, assets in the submarket average $55.3 per square foot, the highest in Miami-Dade.
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