830 Brickell Nabs Insurance Company A-Cap For a Floor

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Miami’s trophy office development, 830 Brickell, just nabbed another tenant, A-Cap.

The New York-based insurance firm inked a 20,000-square-foot lease for the entire 35th floor, developers OKO Group and Cain International announced.

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The deal brings the 640,000-square-foot development to 60 percent leased. The 55-story tower is under construction and is scheduled to open later this year.

As the first office tower to go up in Miami in a decade, new-to-market companies have flocked to 830 Brickell. Tech giant Microsoft, private equity firm Thoma Bravo, Marsh Insurance, and WeWork have all inked office deals.

“830 Brickell’s growing roster of innovative tenants has shaped Brickell into one of the most desirable office submarkets in the United States,” Vlad Doronin, chairman and CEO of OKO Group, and Jonathan Goldstein, CEO of Cain International, said in a joint statement.

The development “will serve as a magnet for other finance, investment, tech and professional services firms looking to make the move here,” the pair added.

830 Brickell has fielded so much demand that its brokers, Cushman & Wakefield’s Brian Gale, Ryan Holtzman and Andrew Trench, have raised the asking rent to $100 a square foot — a first in Miami, bringing it on par with New York City rates. 

A-Cap will move into its Miami office next year, its first base in South Florida. The private company, which claims to have $6 billion in assets under management, has offices in Chicago, Salt Lake City, Charleston, S.C., and Omaha, Neb.

Jennifer Goldstein of Douglas Elliman Real Estate represented the tenant in the 830 Brickell transaction. 

Julia Echikson can be reached at jechikson@commercialobserver.com