Leases  ·  Office

BlackRock Renews Lease at Brickell Office Tower

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BlackRock has renewed its 5,103-square-foot lease at 701 Brickell in Miami’s Financial District, according to the brokerage that represented the landlord, Nuveen Real Estate.

BlackRock, the world’s largest asset manager, opened its Miami office in 2018 on the 12th floor of the 33-story building, providing space for roughly 40 employees. Last August, it leased a second South Florida office in West Palm Beach to accommodate employees who had migrated there during the pandemic. 

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BlackRock will be in the company of a number of other financial companies in 701 Brickell, including Apollo Global Management, which signed a 10-year lease in 2021, and the Zurich-based EFG Capital, which recently renewed a 32,408-square-foot lease, as well as professional services company Aon, which relocated to the building last year.

In all, Nuveen signed nine leases spanning 71,292 square feet at the property last year, maintaining its 95 percent occupancy rate, according to the company.

Brian Gale and Edward Quinon of Cushman & Wakefield represented the landlord. It was not immediately clear who represented the tenant or what the asking rent was. Cushman & Wakefield did not immediately respond to a request for comment. 

BlackRock’s West Palm Beach lease spans 5,000 square feet at Related Companies newly developed 360 Rosemary, which is scheduled to open this year. That office will accommodate 35 employees. 

Chava Gourarie can be reached at cgourarie@commercialobserver.com.