After complex negotiations, downtown Miami’s Wells Fargo Center is now home to Kaseya, a locally-based tech company and the central business district’s largest tenant.
Announced almost a year ago, the 752,488 square foot Class A office tower overlooking the Miami River at 333 S.E. 2nd Ave. managed to lure Kaseya, a cloud-based information technology management and security software provider with three already-existing offices in Brickell, to the Miami Central Business District.
The Miami tech company will occupy 101,000 square feet of space at the 26th, 33rd, 34th, and 35th floors and bring about 1,000 employees to the new location over the course of the next decade, making it the largest tenant in the CBD.
Negotiations between the landlord, Metropolitan Life Insurance Company and Kaseya involved a variety of moving parts, described by one judge as “musical suites,” due to how space was assembled for the tech company.
The lease earned it a 2024 CoStar Impact Award, as judged by real estate professionals familiar with the market.
Kaseya has committed $16 million in capital improvement investments and hiring 3,400 employees with an average annual salary of $107,000 in Miami-Dade over the next three years. The initiative is the largest technology job creation project ever supported by Miami-Dade County, which awarded the company up to $4.56 million in performance-based economic incentives.
About the Deal: Kaseya will occupy four floors totaling 101,000 square feet of space at the Wells Fargo Center for slightly more than 10 years. The Class A office tower in Miami’s CBD opened in 2010. It is owned by Metropolitan Life Insurance Company.
What the Judges Said: “While many out-of-state firms have relocated to S. Florida in recent years, this transaction illustrates that an existing corporate citizen chose to stay and expand their footprint, employee base, and positive impact on the area with high-paying jobs and hiring of local talent from local universities. Also, the teams were able to bring a large tenant out of the Brickell Ave. submarket, and into the Downtown Miami submarket, which historically has proven difficult,” said Michael Feuerman, managing director at Berger Commercial Realty.
They Made it Happen: Cushman & Wakefield’s Brian Gale, vice chairman; Andrew Trench and Ryan Holtzman, executive managing directors; Jeannette Mendoza, senior managing director; Eddie Quinon, senior director and Lena Weeks, director, represented the landlord. Nicole Gamarra, senior broker coordinator acted as brokerage coordinator while Tony Jones, vice chairman, and Eva Garza, senior managing director at represented Kaseya, led by CEO Fred Voccola.