Miami's 1450 Brickell Office Tower Signs 19,000 SF Lease with Willis of Florida
Global insurance broker to locate its Latin American headquarters in the now-70 percent occupied class A office building.
- Miami, FL (1888PressRelease) August 30, 2011 - Global insurance broker Willis of Florida, Inc. has announced that it will relocate its Latin American regional headquarters to 1450 Brickell office tower, the premier class A office building in Downtown Miami's Brickell Financial District. The firm will occupy a total of 18,875 square feet of office space in the 582,817 square foot building, bringing 1450 Brickell's total occupancy rate to 70 percent less than 18 months following its delivery to market. Willis' long-term lease at 1450 Brickell represents an expansion for the firm. The London-based company employs roughly 20,000 people at more than 400 offices in 120 countries, with its U.S headquarters located in Chicago's iconic Willis Tower (formerly Sears Tower), the nation's tallest building. Financial terms of the new lease were not disclosed.
Tere Blanca and Danet Linares of Blanca Commercial Real Estate represented landlord 1450 Brickell, LLC and Rilea Group in the transaction, while Josh Kuriloff and William Holly of Cushman & Wakefield represented Willis of Florida.
Willis of Florida becomes the latest blue chip tenant to take space at 1450 Brickell, joining JP Morgan Chase, BNY/Mellon, American Express, law firm Bilzin Sumberg, commercial real estate services firm Holiday Fenoglio Fowler (HFF), law firm Berger Singerman, Spanish financial institution Bancaja, City National Bank, executive search firm Korn/Ferry International, and private investment firm H.I.G. Capital.
"In finalizing this lease, Willis becomes 1450 Brickell office tower's newest multinational corporate user, continuing a trend that has seen the building attract the market's top-tier tenants," said Tere Blanca, President and CEO of Blanca Commercial Real Estate. "Willis has a corporate track record of locating in trophy office properties around the world, so it's natural that the firm selected 1450 Brickell as the home of its Latin American regional headquarters. After coming online in early 2010, 1450 Brickell is now 70 percent-leased, firmly establishing the building's standing as the market's premier class A office tower."
Willis of Florida is a subsidiary of Willis Group Holdings plc (NYSE: WSH), a leading global insurance broker. Through its subsidiaries, Willis develops and delivers professional insurance, reinsurance, risk-management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world.
Danet Linares, Executive Vice President at Blanca Commercial Real Estate, believes the flurry of major tenants taking space at 1450 Brickell has a net-positive effect on the region's class A office market. "As top quality companies round out 1450 Brickell's tenant roster, we're beginning to see a healthier Class A office market overall. Top tier assets across the market have experienced gradually rising leasing rates, improved occupancy rates, and less cash allowances than provided by landlords in the past two years."
Factors driving tenants to 1450 Brickell include the building's location within walking distance of more than 30 retail businesses, restaurants and high-end hotels, as well as its close proximity to several public transportation systems, including Miami's Metromover which provides transportation throughout Downtown Miami. Tenants are also drawn to the building's location away from the Miami River, affording them and their visitors the conveniences of the Brickell Financial District without the traffic headaches spawned by the bridges spanning the River.
Designed by Miami-based architecture firm NBWW & Associates and constructed by Coastal Construction, 1450 Brickell offers panoramic views of Biscayne Bay, Brickell Avenue, and the city of Miami. Floor-to-ceiling windows and wide-open floor plates range in size from 24,000 square feet to 25,600 square feet, maximizing the flow of natural light throughout tenant areas. 1450 Brickell stands out for its LEED Gold-certification and superior construction quality. The building is fabricated with above code large-missile impact glass from top-to-bottom, making its exterior curtain wall window system one of the nation's strongest. The tower also sports an above code backup generator that can power tenants' basic electrical needs during outages.
To learn more, please visit www.1450Brickell.com. For leasing information, contact Tere Blanca or Danet Linares of Blanca Commercial Real Estate at (305) 577-8850.