Greenberg Traurig to Anchor Miami’s Met 2 Office Tower

International law firm Greenberg Traurig has inked a 15-year, 150,000-square-foot lease at the upcoming Met 2 office tower in Downtown Miami, taking its place as the building’s anchor tenant. The new lease averages in the mid-to-high $40s per square foot over its 15-year-term. The firm, which will use the space as its Miami headquarters, is expected to move in Fall 2010. The space will allow greater flexibility for expansion and changes as Greenberg Traurig evolves, featuring wireless mobility and connectivity, moveable walls for varying space needs and a state-of-the-art conference center. Metropolitan Miami (pictured) is a $1 billion mixed-use development in the core of the Downtown area, spearheaded by a joint venture of MDM Development Group and New York-based Met Life. It is comprised of four parts: Met 1, which includes a 447-unit luxury residential tower and a Manny’s Steakhouse; Met 2, which will house 750,000 square feet of office space and a 42-story JW Marriot Marquis-branded hotel and deliver in Spring 2010; Met 3, which is currently in its pre-construction phase and will contain a Whole Foods upon its 2010 completion; and Met Square, an atrium-style entertainment and lifestyle complex, which will include a DB Bistro Moderne restaurant upon its 2010 completion. This one of the largest leases in Miami this year, and comes three months after the 10-year, 115,000-square-foot lease signing of law firm Bilzin Sumberg Baena Price & Axelrod to Phase I of the competing 1.5 million-square-foot Brickell Financial Centre at 680 Brickell Ave., which is currently being developed by Foram Group and is scheduled for a January 2010 completion. It will also see some competition from the 586,000-square-foot 1450 Brickell, which should be opening its doors by late 2009 or early 2010. The Greenberg Trauig deal will give Downtown the leasing momentum it needs, according to Danet Linares, who is leasing Brickell Financial Centre as Foram Group’s senior vice president & director of real estate services. “It shows that tenants feel comfortable enough to strike,” she told CPN. “There had been some talk about wait-and-see, which may not always be the best idea.” The following rental rates are being offered: $43 to $50 per square foot for Met 2; $45 to $51 per square foot for Brickell Financial Centre; and $28 to $32 net per square foot for 1450 Brickell, according to Black’s Guide. Leasing rates have not changed in anticipation of the deliveries, and are in line with Downtown Miami’s existing trophy product, Linares noted. Don Cartwright, director of leasing for Cushman & Wakefield of Florida Inc.’s client solutions group, spearheads leasing for the 1.2 million-square-foot Wachovia Financial Center in Downtown Miami, reported that there is some anxiety among existing buildings in regards to the amount of speculative office space that is being built. However, it is still too early to tell how much migration there will be, he continued, noting, “We are better poised today to sell doing business in Miami, especially to international (clients).” However, the general feeling about leasing the new space centers more around attracting outside tenants rather than taking tenants from other Downtown buildings, Linares pointed out. 1450 Brickell is the only one that has yet to sign an anchor tenant; interestingly enough, it is the only one of the three with financing so far, sources said. However, at least one has been shopping around and may be close to a deal.Blog Comments