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Miami Real Estate - Miami Real Estate news

Friday, May 21, 2010

New deals for Brickell office space in Miami

Brickell’s new building has plenty of office space in Miami and is the first of Miami’s  new office buildings to open its doors signed eight new tenants.

The newest of Miami commercial properties, 1450 Brickell Avenue, by developer Alan Ojeda's Rilea Group has signed new deals for a total of 120,000 square feet for their office space in Miami.

A chief executive at Blanca Commercial Real Estate said they had signed deals with law firm Ratzan & Rubio, Bancaja, H.I.G. Capital, Kempler Energy, global commodities trader Yntegra, Agri Commodity Trade, Preston III, and another undisclosed tenant. Financial terms for these new Miami commercial properties’ deals haven’t been disclosed.

Sources have suggested that the say the unnamed tenant is City National Bank, which is going to have both office space in Miami and a retail bank location at 1450 Brickell Avenue.
The anchor tenant, Miami law firm Bilzin Sumberg Baena Price & Axelrod, signed a deal last year with which took 80,000 square feet.

Blanca Commercial Real Estate and Rilea Group have already moved into the building. Other tenants with Miami commercial properties’ leases in 1450 Brickell are expected to start moving in over the summer.

The market is getting ready for the opening of the Met 2 Financial Center as well. In Together with 1450 Brickell Avenue, the buildings are creating a glut of office space in Miami that the downtown market hasn't seen since the 1980s.

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