Miami Tourism Board Inks 22K-SF Lease at Citigroup Center
By Julia Echikson May 23, 2023 8:13 pm
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The Greater Miami Convention & Visitors Bureau (GMCVB) is crossing the Miami River, Commercial Observer has learned.
The tourism board is set to occupy the 20th floor of the Citigroup Center in Downtown Miami, having inked a 21,928-square-foot lease, said a source familiar with the transaction.
The deal closed in the last quarter, according to the landlord, CP Group, which declined to comment on GMCVB’s lease, divulging only that an undisclosed tenant from Brickell had finalized a lease with the specified footprint.
GMCVB is currently based at 701 Brickell. Representatives for the tourism board did not immediately respond to requests for comment.
The relocation comes as Citigroup Center is filling up. The 810,000-square-foot tower nabbed new agreements totaling nearly 50,000 square feet during the last quarter, bringing the property to over 70 percent leased, according to CP Group.
Strategic Hotel Funding, an operator of public hotels and motels, renewed its 14,418-square-foot office.
Two firms have moved into spec suites, a new feature in the property. Larch Capital Partners, a wealth management firm serving primarily Brazilian clients, is moving from 600 Brickell Avenue to a 5,466-square-foot spec suite at Citigroup Center. The company was represented by CBRE’s Grant Killingsworth and Thomas Haughton.
Bazbaz Development is also taking a move-in-ready suite, which spans 5,357 square feet. CBRE’s Randy Carballo represented the tenant. The developer is now operating out at 2136 NW First Avenue.
Steven Hurwitz, Doug Okun and Madeline Fine of JLL represent the landlord in all the transactions.
In 2021, Monarch Alternative Capital bought a 90 percent stake in the 34-story tower for $300 million, according to The Real Deal. CP Group, one of South Florida’s largest office owners, retained its 10 percent stake.
The building was completed in 1983. The owners recently embarked on a repositioning campaign and have added 37,000 square feet of spec suites and are now remodeling the lobby.
Julia Echikson can be reached at jechikson@commercialobserver.com.
