Santander Inks 95K-SF Lease at Miami’s 830 Brickell
By Julia Echikson October 28, 2022 2:55 pm
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Santander Bank is taking 95,000 square feet at 830 Brickell, Miami’s trophy office development.
The deal closed during the summer, as first reported in JLL’s latest quarterly report. The Spanish bank is taking over part of the space that WeWork relinquished earlier this year, alongside financial firm Citadel, which inked a 90,000-square-foot lease in August while it develops its headquarters along Brickell Bay Drive.
The 55-story tower, developed by Vlad Doronin’s OKO Group and Cain International, is expected to be completed by the end of the year, with tenants projected to move during the first and second quarters of 2023.
As the first office skyscraper erected in Miami in the last decade, the project is nearly fully leased, largely thanks to a new-to-market and high-profile tenants, who have pushed the asking rent past $120 a square foot, a record for Miami. In fact, prospective tenants have had to be turned away for lack of space, according to a source close to the project.
Besides Santader and Citadel, tenants include tech giant Microsoft, private equity firm Thoma Bravo, and law firms Sidley Austin.
Developers have launched competing office projects. In partnership with Swire Properties, Stephen Ross’ Related Companies is developing a so-called office supertall tower, one that’s over 1,000 feet tall, across the block from 830 Brickell.
In Miami Beach, Michael Shvo is developing three boutique offices, while Don Peebles and Barry Sternlicht’s Starwood Capital Group are developing competing projects, pending voter approval.
A spokesperson for OKO Group and Cain International declined to comment on the Santander lease. A representative for the tenant has yet to respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
