A leading Canadian asset and wealth management firm is opening its U.S. headquarters at 830 Brickell, a Class A-plus office tower under construction in Miami’s Brickell Financial District.
CI Financial Corp. owns global assets worth $ 254 billion and is the third major company to lease space in the tower in recent weeks. The company joins private equity firm Thoma Bravo, which will occupy 36,500 square feet, and tech giant Microsoft, which will occupy 50,000 square feet in the office tower.
CI Financial has leased a 20,000 square foot office on a full floor. The move solidifies the office tower as the place to be, as several tech and financial companies establish a presence in South Florida.
The 830 Brickell property was represented by Brian Gale of Cushman & Wakefield, Ryan Holtzman and Andrew Trench in Miami. Donna Abood and Mark Robbins of Avison Young represented CI Financial.
“True American Headquarters”
“One of the things that makes this deal most remarkable for the City of Miami is that it marks the establishment of a true US headquarters for such a prominent financial asset management company. Historically, Miami has really been home to large corporations and headquarters in Latin America, but it is one of the first true headquarters in the United States to be established, ”said Trench.
According to Holtzman, CI Financial wasn’t just focusing on Miami and was considering other cities with no income tax before choosing the city.
“Our mayor has been very proactive in helping our new tenants to market here, unlike mayors in other cities. It has really benefited us, ”said Gale.
For the Cushman & Wakefield team, negotiating the recent deals has been exciting.
“While the new sort and it looks like it happened within a week, these are deals we’ve been working on for a long time,” Trench said.
Is the best yet to come?
The team estimates that the third quarter of this year will see more new leases in the market executed than all other quarters combined.
“It’s all happening now, but remember that a lease is signed, and it’s months and months of negotiations, space planning, touring, and it takes a long time to make a deal. Based on what’s going on, I think the third quarter will be a monster quarter for new business execution, ”said Gale.
Holtzman believes that once tenants move in and start enjoying the building, other large companies will start to follow suit.
“Not just because they signed a lease, but because they call their friends in New York, Chicago or LA and say, ‘This is amazing. “ I think there will be a whole new wave of bands next year, ”said Holtzman.
There’s always a challenge with a deal, Gale noted, and with rents up 20% in recent months, it can be difficult for businesses that aren’t paying that much now. Ultimately, the amenities, the lifestyle and the quality of the service and the building are what motivates people to come.
“Renters are willing to pay the rate to get what they want,” Gale said.
The key to facilitating successful transactions, the team said, is to expand your network and build relationships.
“A lot of these companies come from outside the market. Miami is a small city and obviously it’s a plus to be in everyone’s good favor here, but you really have to find a way to connect with the right people, in the right city. My team has made a concentrated effort to do this and has proactively built relationships in the cities we target over the past two years, ”said Trench.
The 55-story tower, a joint venture between OKO Group and Cain International, is expected to be completed in 2022.