Cresa Inks 33,000 SF Lease Renewal

Aug 27, 2013 No Comments by

Matthew Cheezem and Matthew Goodman of Cresa South Florida LLC represented law firm Fowler White Burnett in last month’s lease renewal of more than 33,000 square feet at Espirito Santo Plaza. Fowler is set to remain as the long-term anchor tenant at the 1395 Brickell Ave. building.

The lease value exceeds $12.5 million, according to vice president Matthew Cheezem. Goodman is managing principal at Cresa.

The Fowler renewal brings occupancy at Espirito to 100 percent.  The deal comes on the heals of a renewal and expansion by Quest Workspaces for a total of 32,000 square feet.

The firm considered numerous Class A office buildings in Miami’s financial district before deciding to stay put.

“There were a lot of options between 30,000 and 45,000 square feet in Class A buildings” in Brickell, Cheezem said. “It came down to what was the best fit.”

Fowler’s lease is not considered an expansion, but the deal gives the firm an ability to reconfigure the space it has occupied since the building’s 2004 completion. Cheezem said the firm has not finalized its plan for the 50-attorney office.

Founded in 1943, Fowler is Miami’s second-oldest law firm.

“Flexibility was the biggest driver” in the transaction, Cheezem said. “For any firm with at least 25 attorneys, without flexibility a deal like this doesn’t work. The legal industry has gone through so much change; I don’t know any firm that has been in their space more than five years and has the space work perfectly for them going forward.”

Taylor & Mathis of Florida LLC represented building owner Estoril Inc.

 

Source: DBR

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