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Monday, December 19, 2022

Regulation Agency Kirkland & Ellis Expands to Miami with Large Workplace Lease

(Bloomberg)—Regulation agency Kirkland & Ellis is opening its first Miami workplace, becoming a member of a rush of professional-services corporations increasing within the area to cater to a rising roster of finance and expertise tenants.

Kirkland & Ellis signed a lease for 115,000 sq. ft throughout six flooring at 830 Brickell, a brand new workplace growth that has attracted the likes of Citadel, Microsoft Corp. and personal fairness agency Thoma Bravo, based on a press release Monday. The 55-story constructing, developed by OKO Group and Cain Worldwide, is now totally leased forward of its completion. The deal by Kirkland, which has massive places of work in Chicago and New York, makes it one of many greatest law-firm tenants in Miami.

Cushman & Wakefield Plc represented the landlords within the deal. Newmark Group and CBRE Group Inc. represented the tenant.

“That is the biggest, most respected lease, if you take a look at sq. footage coupled with the lease that we’re getting on the constructing,” mentioned Brian Gale, a vice chairman at Cushman and Wakefield. “It actually simply reveals increased demand.”

Rents at 830 Brickell vary from $125 to $150 a sq. foot, increased than the typical New York asking fee of $81 a sq. foot, based on third-quarter information from Jones Lang LaSalle Inc. Facilities on the constructing embrace a well being and wellness heart, outside terrace and a rooftop bar and restaurant with views of the Biscayne Bay.

Main finance, regulation and tech corporations have relocated or expanded to the Miami space prior to now two years, drawn to the business-friendly surroundings, hotter climate and expertise pool. Citadel earlier this yr introduced it’s relocating its headquarters to Miami from Chicago, and funding agency Pretium Companions simply revealed plans to open an workplace in close by Miami Seaside.

In flip, authorized, accounting and communications corporations have been searching for house within the area to serve shoppers there. Regulation corporations Sidley Austin and Winston & Strawn even have signed leases at 830 Brickell.

To contact the writer of this story: Natalie Wong in New York at [email protected]

© 2022 Bloomberg L.P.

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