Miami’s trophy office tower, 830 Brickell, nabbed another tenant with insurance company Marsh inking a 25,000-square-foot lease, according to sources familiar with the deal.
Marsh, the insurance arm of Marsh & McLennan Companies, will occupy about a floor and a half in the middle section of the 55-story building in Miami’s financial district, one source said. The firm is aiming to move in during the first quarter of 2023.
Commercial Observer confirmed the deal, first reported by the South Florida Business Journal.
The 830 Brickell office marks a roughly 20 percent expansion for Marsh, which has two other nearby offices at the Southeast Financial Center and 1221 Brickell buildings. The insurer plans to consolidate its offices into 830 Brickell.
Cushman & Wakefield’s Brian Gale, Andrew Trench and Ryan Holtzman represented the landlord, the joint venture developing the tower, Vlad Doronin’s OKO Group and London-based Cain International. Tony Jones, also from Cushman & Wakefield, represented Marsh. The brokers declined to comment.
The 640,000-square-foot development is the first office tower erected in Miami over the past decade. It is slated for completion this year.
As the shiniest new product on the market, the tower has attracted a number of high-profile and new-to-market companies, including WeWork and Microsoft as well as financial firms Thoma Bravo and CI Financial.
In response to the demand, the brokers raised the asking rent to $100 a foot — a first in Miami. The Marsh lease indicates that Miami’s existing tenants are upgrading offices, too.
Marsh, headquartered in New York, employs 45,000 employees across 130 countries.
Julia Echikson can be reached at email@example.com.