Leases  ·  Office

Financial Firm EFG Capital Renews Lease at 701 Brickell

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International financial firm EFG Capital renewed its lease at Miami’s 701 Brickell, taking 32,480 square feet, according to a brokerage that represented landlord Nuveen Real Estate

The Zurich-based company has been stationed at the Brickell tower since 2006. The renewal adds 10 and a half years to EFG’s tenure at 701 Brickell, where it will occupy the full ninth floor and a portion of the 13th floor. 

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The new deal marks a reduction in EFG’s footprint, though it’s unclear by how much. Cushman & Wakefield, who represented the landlord, did not comment on the exact square footage change and the broker representing the tenant, Transwestern’s Glenn Gregory, has yet to respond to requests for comment. 

“The investment that [Nuveen] made to maintain the marquee, Class A status of the building were all contributing factors to EFG’s decision to maintain 701 Brickell,” Gregory said in a statement.

The property, built in 1986, is now 95 percent leased with asking rents at $80 a square foot, per C&W. 

Located in the heart of Miami’s financial district along Brickell Avenue, the 33-story building has become home to a slew of new-to-market financial tenants, including private equity giant Apollo Global Management and hedge fund heavyweight Point72 Asset Management.

Earlier this year, Aon, a global professional services company, took 18,634 square feet

C&W’s Brian Gale, Andrew Trench, and Ryan Holtzman worked on the EFG deal on behalf of Nuveen, the real estate arm of TIAA, an investment firm that runs retirement plans for many education systems.

Julia Echikson can be reached at jechikson@commercialobserver.com