Miami office tower charging New York City rents lures midsize Brazil bank

A BRAZILIAN bank has snapped up the last available office space in a Miami skyscraper that has become a symbol of the city’s burgeoning financial sector, according to sources familiar with the deal.

Banco Master has signed a lease for 26,000 square feet (2,415 square metres) at 830 Brickell, according to the sources. The bank is paying roughly US$190 per square foot, a Florida record and a rate on par with Manhattan’s priciest office space.

The tower, developed by Cain International and OKO Group, has attracted a high-profile tenant roster that includes Citadel, Thoma Bravo, and Microsoft. Construction delays have pushed back the building’s completion to spring 2025, from an initial target of late 2022.

Representatives for 830 Brickell declined to comment on the lease. Banco Master did not respond to a request for comment made outside business hours. The Financial Times earlier reported that Banco Master had obtained the office space.

The building’s success at luring tenants reflects Miami’s rapid transformation into a financial and tech hub. Justin Oates, a senior vice-president with Cain International, said rental rates have soared since the project launched in 2018, from US$70 a square foot to US$100 by early 2022.

“The building became a who’s who of the new Miami,” said Oates. “It’s been a catalyst.”

SEE ALSO

TPG nears deal to take office space at Manhattan’s Spiral tower

Blackstone’s battered mortgage fund slumps as empty offices intensify pressure

US office delinquencies ticked higher in June, ratings agencies say

DECODING ASIA

Navigate Asia in
a new global order

Get the insights delivered to your inbox.

The tower benefited from being the only game in town when firms started flocking south. It’s the first Class A office tower to be delivered in Miami’s Brickell district in more than a decade, according to the developers.

Originally, Cain International and OKO Group planned to occupy the space now leased to Banco Master. However, they opted to rent it out instead when they realised the high demand for premium offices.

“We had more tenants than we had space,” Oates said. “We have been very fortunate with our timing.” BLOOMBERG