Law firm Sidley Austin signed a record lease at the 830 Brickell office tower slated for completion this year.
Chicago-based Sidley Austin took 60,000 square feet on three floors at OKO Group and Cain International’s office tower, according to a news release from the developers. This is the biggest new-to-market company lease in Miami’s urban core this year and one of the largest at 830 Brickell.
Brian Gale and Ryan Holtzman of Cushman & Wakefield represented OKO and Cain. Jeff Gordon and Barbara Black of JLL represented Sidley Austin.
The deal brings the 55-story 830 Brickell to almost 70 percent leased, the release says.
The Class A building has attracted much of the influx of financial firms to South Florida. It now commands asking rents from $125 per square foot to $150 a foot, according to JLL’s second quarter report.
New York-based insurance firm A-CAP took the entire 35th floor, spanning 20,000 square feet, in June; and Canadian asset management firm CI Financial doubled its initial lease to almost 40,000 square feet in January.
Others that have secured space include Thoma Bravo, Marsh Insurance and AerCap.
This will be Sidley Austin’s 21st office, where roughly 40 attorneys will work, starting in September. The space can hold at least 100 attorneys and staff members, according to media reports.
The rest of Brickell has blossomed into a major office market as well. Ken Griffin’s hedge fund Citadel and financial services firm Citadel Securities will move their headquarters to Brickell from Chicago. Bloomberg tied the purchasing entity of a vacant lot at 1201 Brickell Bay Drive to Citadel.
830 Brickell is the first standalone office tower developed in the neighborhood in a decade. In a recent proposal, Swire and Stephen Ross’ Related Companies want to build a 1,000-foot office supertall tower at 700 Brickell Avenue and 799 Brickell Plaza, as part of Brickell City Centre. One Brickell City Centre would be the tallest commercial building in Florida.