Fintech Firm Novo Platform Takes Full Floor in Brickell
By Julia Echikson March 15, 2023 4:37 pm
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Banking software provider Novo Platform is getting its own place in Miami’s Brickell district. The fintech company signed an 18,450-square-foot lease at 801 Brickell to occupy the entire 22nd floor.
Since 2019, Novo has been based inside the WeWork at the Brickell City Centre complex, just two blocks west of 801 Brickell.
“Novo has been looking to establish itself in Miami. It’s hard to do that when you’re working out of a WeWork,” said Alec Kirschner of Current Real Estate Advisors, who represented the tenant.
The 801 Brickell lease is 12 years and 10 months long. Novo expects to move into its new office in about 10 months, once the buildout is completed.
The Novo deal brings the 28-story building to 93 percent leased, according to the landlord’s brokers, Colliers’ Stephen Rutchik and Tom Farmer. Asking rents at the 694,863-square-foot tower range between $92.50 and $120 per square foot.
Joining Novo is Banco Master. For its first Miami office, the Brazilian financial institution inked a five-year lease for a 5,228-square-foot spec suite on the fifth floor. It’s expected to move in April 1.
In January, French bank BNP Paribas finalized a 7,700-square-foot lease to occupy a portion of the 10th floor.
Longtime tenants Royal Bank of Canada and Charles Schwab are staying put, having renewed leases totaling 23,305 square feet in recent months. A year ago, Mastercard renewed its 53,700-square-foot office.
Nuveen Real Estate, the investment arm of TIAA, has owned 801 Brickell since 2002, when it paid $80.3 million, according to property records.
Julia Echikson can be reached at jechikson@commercialobserver.com.
