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801 Brickell occupancy rises to 87% leased as activity ramps up with four new deals

Colliers South Florida represented the landlord, Nuveen, in the transactions

MIAMI, FL, May 4, 2022 – Colliers Q2 Office Report showed falling vacancy rates and unwavering demand in the Miami-Dade central business district. This trend is evidenced by strong leasing activity in the landmark office tower 801 Brickell, where four leases were recently signed. Executive Managing Director Stephen Rutchik and Managing Director Tom Farmer represented the landlord, Nuveen Real Estate, in negotiating the two new leases and two renewals of long time tenants totalling 10,883 square feet. Real estate giant Nuveen has taken 3,487 square feet as its Brickell headquarters and Capital Management firm StoicLane joins the stellar tenant roster at the building where investment firms Selvatra and Cassel Salpeter also renewed their leases. Together, these transactions bring the building to 87% leased.

“As tenants return to Brickell, and new tenants enter the market, leasing activity has accelerated and tenants demand high-quality space, which Nuveen provides at 801 Brickell with a multi-million dollar renovation and focus on elevating the tenant experience,” said Rutchik.

 
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801 Brickell is currently undergoing a multi-million dollar transformation, including a completely enhanced lobby, redesigned common areas, and upgraded amenities, consisting of a wellness center, state-of-the-art conference center, and a tenant lounge on the fifth floor. The trophy office building is also evolving its exterior landscaping and ground-floor retail, while focusing on environmentally sound office building management, including HVAC system improvements designed to provide cleaner, healthier indoor environments and digital touchless systems implemented throughout the building.

“In 2017, with a number of existing longstanding investments in the region, we first opened a Miami office as we adopted a regional and sector model in an initiative to decentralize and deliver outperformance through hands-on investment management,” said Charles Russo, Nuveen Real Estate’s Southeast Regional Head for Office and Life Sciences. “Over the last five years, we have been successful driving asset values and growing AUM across sectors directly as a result of our hands-on approach by being local and interacting regularly with leading market participants. We currently have over 2.7 million square feet of Class A trophy office investments in Miami Dade alone. We are excited about our move to the newly renovated 801 Brickell at a time when Miami is attracting top talent, companies and thought leadership across a diverse set of industries.”

Nuveen Real Estate is one of the largest investment managers in the world with $152 billion of assets under management. The firm manages a suite of funds and mandates, across both public and private investments, spanning both debt and

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equity across diverse geographies and investment styles. The company will be relocating to 801 Brickell from its current offices on Brickell Key. StoicLane is a private holding company focused on providing strategic capital and operational expertise to digitize and expand businesses in the finance, insurance, and real estate sectors. Selvatra is an investment firm owned by parent company Colpatria, focused on co-investing with family offices and private equity funds in operating companies in the United States, Canada, and Europe in a wide range of sectors. Cassel Salpeter & Co. is an independent investment banking firm that assists middle-market and emerging growth companies across industries with investment banking and financial advisory services.

Brickell’s modern and updated trophy assets like 801 Brickell are clear winners of the relentless influx of tenants and unprecedented demand that is outpacing supply. The migration of people, capital and companies relocating and expanding to Miami has caused an uptick in occupancy levels to 90.4 percent and a 35 percent hike in rental rates year-over-year at Brickell’s Class A office buildings.


Related Experts

Tom Farmer

Managing Director - Office Services

Miami

With more than 16 years of commercial real estate experience, as Managing Director, Office Leasing, Tom Farmer provides added depth and expertise to Team Kingsley-Rutchik - driven, passionate commercial real estate (CRE) advisors offering their expertise in both agency and tenant representation services for office and  industrial clients

Before joining Colliers, Tom was Director of Office Leasing  at Franklin Street, where he specialized in landlord representation for property owners and institutional clients in throughout Florida. Tom also represented select office, industrial and retail occupiers with site selection, strategy development, redevelopment, rebranding, and occupancy cost-saving initiatives .

Prior to Franklin Street, Tom was Senior Associate with CBRE’s Brokerage Services division. While there, Tom formulated and implemented comprehensive leasing strategies for more than 750,000 square feet of office properties, serving as principal for negotiation of prospective tenants. 

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Stephen Rutchik

Executive Managing Director -Office Services

Miami

Stephen Rutchik is a veteran of the commercial real estate industry, focusing on Class A agency and tenant representation services for office clients in South Florida and across the United States. He also provides investment and asset management consulting services to institutional clients.
Stephen has built a  team of  passionate, driven commercial real estate professionals, offering expertise to office and industrial occupiers and investors across South Florida.

Stephen and his team joined Colliers International in 2015, after four years as Senior Vice President of Brokerage at Jones Lang LaSalle and more than eight years as Vice President of Office Services at Grubb & Ellis Company, where he was responsible for the delivery of services to tenants, owners and investors of commercial real estate in South Florida. Stephen specializes in leasing transactions, representing the needs of both landlords and tenants, giving them the diverse knowledge and ability to adapt to South Florida’s unique real estate market challenges.

“Team Kingsley- Rutchik aligns our strategies with our clients’ business goals and provides a wealth of accurate, specific market intelligence to support their real estate decisions.”

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