Miami DDA Inks 9K-SQ Lease to Move Across the Street
By Julia Echikson November 27, 2023 8:21 pm
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Miami Downtown Development Authority (DDA) is relocating its office across the street to Citigroup Center in Downtown Miami.
The city agency inked a 9,295-square-foot lease at the 34-story office building at 201 S. Biscayne Boulevard, property owners Monarch Alternative Capital and CP Group announced.
DDA, which promotes the city’s business community, is currently based at Southeast Financial Center, across Biscayne Avenue from its future office. It is scheduled to relocate in the third quarter of next year.
A representative for the DDA did not immediately respond to a request for comment.
At Citigroup Center, which spans 782,686 square feet, DDA will join another city government agency, The Greater Miami Convention & Visitors Bureau. This spring, the tourism bureau signed a 21,928-square-foot lease to occupy the 20th floor of the building, relocating from 701 Brickell.
The property is now 70 percent leased, according to the building’s owners. 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 a 10 percent stake and continues to manage the property.
Steven Hurwitz, Doug Okun and Madeline Fine of JLL represented the landlord.
Julia Echikson can be reached at jechikson@commercialobserver.com.
