830 Brickell Lands Rothschild & Co. As Tenant
By Jeff Ostrowski February 23, 2023 1:54 pm
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In another coup for 830 Brickell, the Class A tower has lured an additional blue-chip tenant.
Financial advisory firm Rothschild & Co. said Thursday that it will take 5,000 square feet at Miami’s priciest office building. Lease rates at 830 Brickell have topped $120 per square foot, a new record for South Florida.
“Miami is a growing, dynamic financial center which is attracting the interests of our key clients, making it clear that this new office will be an important hub for the firm,” Eric Hirschfield, who will run the Rothschild outpost, said in a statement.
Rothschild & Co is a 200-year-old family-controlled company. The London-based financial firm didn’t say how many employees would be based at its Miami office or what their roles would be. But Rothschild’s announcement mentioned its Global Advisory unit, which specializes in mergers and acquisitions and financing solutions.
Cushman & Wakefield (CWK)’s Brian Gale, Andrew Trench and Ryan Holtzman represented the landlord in the transaction. Scott Quick and Alan Wildes of Cushman & Wakefield represented the tenant.
The 55-story tower has bucked work-from-home trends by recruiting a roster of prominent tenants. Last year, law firm Kirkland & Ellis signed one of Miami’s largest office leases of 2022, taking 115,000 square feet across six floors at 830 Brickell.
The tower is being developed by OKO Group and Cain International. Kirkland & Ellis will be the largest occupant of the 638,355-square-foot building, scheduled for completion this year.
Other tenants at 830 Brickell include Citadel, Santander, Microsoft and law firms Baker McKenzie and Sidley Austin. Fully 90 percent of the tenants at the property are new to the Miami market, the developers said.
As the first Miami office tower to be built in more than a decade, 830 Brickell has commanded rents well above average. Average asking rent for Class A space in the Brickell district was $84.77 per square foot in the fourth quarter of 2022, Avison Young reported.
The skyscraper will soon be joined by similar projects, including a proposed tower from Related Companies and Swire Properties that will be the first in Miami to top 1,000 feet.
Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.
