A global law firm signed the largest lease transaction by dollar volume in Miami's history, preleasing roughly 115,000 square feet at the in-development tower and earning a 2023 CoStar Impact Award in the process.
Kirkland & Ellis, one of the largest law firms in the world, is opening its first office in Miami at 830 Brickell Plaza when its lease commences in the first quarter of 2024. OKO Group is putting the finishing touches on the tower now, with an anticipated completion date in the coming months. Chicago-based Adrian Smith & Gordon Gill Architecture is the architect. Civic Construction in Miami is the general contractor and Watson Ventures is the property manager.
Beyond the dollar value, which was reported at $110 per square foot on a full-service, 128-month term with fixed increases, eight months abated and a $100-per-square-foot tenant improvement allowance, Kirkland & Ellis' lease is emblematic of the renaissance that the Miami office market is going through.
The leasing team was able to showcase the under-construction building as best-in-class office space to Kirkland & Ellis, as well as several other global law firms that are taking space in the 57-story, 664,3000-square-foot Miami tower.
About the deal: Kirkland & Ellis leased 99,418 square feet of brand new, Class A office space and over 15,000 square feet of terrace/balcony space at 830 Brickell. Cushman & Wakefield represented the landlord, while Newmark represented the tenant in lease negotiations.
What the judges said: "The size, scope and value of this lease is impressive — no small feat in today's post-pandemic office market," said Mark Troen with the University of Miami's master in real estate development and urbanism program.
"Bringing Kirkland & Ellis to Miami was an endorsement of the tremendous growth and in-migration that came to Florida during the pandemic. It helped set the tone that this is not a fad, but a new reality," said Michael Feuerman, Esq., SIOR, CCIM, senior vice president of Berger Commercial Realty Corp./CORFAC International. "Our market is becoming a destination, and the world's largest law firm taking a 10-year, 115,000-square-foot lease helps to demonstrate this to the rest of the world. It is also difficult to pre-lease an office building while it is under construction, especially during COVID, and the landlord and the leasing team did that."
They made it happen: Brian Gale, vice chair; Ryan Holtzman, executive director; Andrew Trench, managing director; Edward Quinon, senior director; Jeannette Mendoza, director; Lena Weeks, senior associate; and Nicole Gamarra, senior brokerage coordinator with Cushman & Wakefield.
