(Bloomberg)—Law firm Kirkland & Ellis is opening its first Miami office, joining a rush of professional-services companies expanding in the region to cater to a growing roster of finance and technology tenants.
Kirkland & Ellis signed a lease for 115,000 square feet across six floors at 830 Brickell, a new office development that has attracted the likes of Citadel, Microsoft Corp. and private equity firm Thoma Bravo, according to a statement Monday. The 55-story building, developed by OKO Group and Cain International, is now fully leased ahead of its completion. The deal by Kirkland, which has large offices in Chicago and New York, makes it one of the biggest law-firm tenants in Miami.
Cushman & Wakefield Plc represented the landlords in the deal. Newmark Group and CBRE Group Inc. represented the tenant.
“This is the largest, most valuable lease, when you look at square footage coupled with the rent that we’re getting on the building,” said Brian Gale, a vice chairman at Cushman and Wakefield. “It really just shows higher demand.”
Rents at 830 Brickell range from $125 to $150 a square foot, higher than the average New York asking rate of $81 a square foot, according to third-quarter data from Jones Lang LaSalle Inc. Amenities at the building include a health and wellness center, outdoor terrace and a rooftop bar and restaurant with views of the Biscayne Bay.
Major finance, law and tech firms have relocated or expanded to the Miami area in the past two years, drawn to the business-friendly environment, warmer weather and talent pool. Citadel earlier this year announced it’s relocating its headquarters to Miami from Chicago, and investment firm Pretium Partners just revealed plans to open an office in nearby Miami Beach.
In turn, legal, accounting and communications companies have been seeking space in the region to serve clients there. Law firms Sidley Austin and Winston & Strawn also have signed leases at 830 Brickell.
To contact the author of this story: Natalie Wong in New York at [email protected]
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