Leases  ·  Office

Citadel Takes Two Additional Office Floors At 830 Brickell

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In another example of Miami’s office market shrugging off the nationwide slump, financial firm Citadel is taking yet more high-end space.

Billionaire investor Ken Griffin’s Citadel and Citadel Securities have leased an additional two floors at 830 Brickell, the new 55-story tower with lease rates north of $100 per square foot. Bloomberg reports that the firms now will occupy eight floors of the building, or about 130,000 square feet.

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The lease was confirmed to Commercial Observer by a spokesperson for developers Oko Group and Cain International. The 638,355-square-foot building has become a destination for blue-chip, new-to-market tenants. They include Microsoft, private equity firm Thoma Bravo and law firms Kirkland & Ellis and Sidley Austin.

Cushman & Wakefield represents the developers for leasing. 

While office markets nationally are suffering from work-from-home trends, South Florida is the exception. Asking rents in Miami-Dade County rose to an average of $53.53 per square foot in the first quarter, up 9.1 percent from a year earlier, according to a market report by Cushman & Wakefield. Brickell and Miami Beach were the county’s most desirable office submarkets, with annual asking rents topping $74 a square foot.

The trends on Brickell are especially eye-popping. In the Class A market there, vacancy was just 5.7 percent, and average rents were $102.39 per square foot, up 21.1 percent from a year ago.

Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.