Colliers South Florida represented the landlord, Gatsby Florida, and Cushman & Wakefield represented the tenant, Kaseya, in the transaction.
MIAMI, FL, May 23, 2022 – IT powerhouse Kaseya is expanding its North American headquarters to the top three floors at 800 Brickell, signing a lease for 42,872 square feet. Executive Managing Director Stephen Rutchik, Managing Director Tom Farmer, and Director Tyler de la Pena represented Gatsby Florida, the landlord, in negotiating the long-term lease. Cushman & Wakefield’s Vice Chairman, Tony Jones, represented the tenant in the deal.
“Thoughtful, transformative improvements at 800 Brickell allow the building to compete with newer product,” said Rutchik. “We are continuing to see an influx of tech and innovation companies into Miami, and to Brickell in particular. As owners make savvy, tenant-centric improvements to meet the unabated demand for Class A office space, rental rates on Brickell are on a path to reach triple digits.”
According to Colliers research, the vacancy rate for Class A office properties hovered at 9.6 percent in the first quarter of 2022, while asking rental rates increased 35 percent year-over-year, ending at $81.19 per square foot full service.
Kaseya is a premier provider, designer, and developer of unified IT management and security software for managed service providers and small to medium-sized businesses. The company delivers technologies that allow organizations to efficiently manage, secure, and backup IT. Kaseya is expanding its Miami presence beyond its current locations, 35,000 square feet at 701 Brickell Avenue and 66,000 square feet at 777 Brickell Avenue. The growing company has offices in more than 20 countries, with plans to expand and hire 1,100 new employees worldwide with nearly half of its new workforce to be based in Miami. Kaseya will have prominent building top signage visible from the “main and main” corner of 8th Street and Brickell Avenue. This transaction brings the building to 97% leased.
"Kaseya continues to grow exponentially, and we are excited to further expand our footprint in Brickell with this additional space to accommodate our burgeoning workforce," said Fred Voccola, Kaseya’s CEO. "This deal is extra special for us, as the building will have Kaseya branding proudly displayed for the thousands of people who travel through downtown every day to see. We are committed to Miami and contributing to its tech renaissance and are excited to have our brand prominently represented on the building as part of the Brickell corridor."
800 Brickell currently offers numerous amenities to its tenants, including on-site parking, Enzo Custom Clothes, Born Brickell Barbers, and car wash services, with Orangetheory and Poke House set to open soon. Additional dining options coming soon include Ninive, a middle-eastern fine dining restaurant; Just Salad, a fast-casual healthy dining concept; Cortadito, a Latin American coffee shop and
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bakery; and Vinya, a contemporary wine, beer and spirit market. The 15-story building is completing exterior and common area renovations which will provide contemporary, tenant-centric amenities. 800 Brickell is within walking distance of Brickell City Centre and Mary Brickell Village and offers immediate access to the Miami Metromover and Metrorail.
Gatsby Florida, a premier real estate company based in New York City and Miami led by principals Nader Shalom and Babak Ebrahimzadeh, bought the mixed-use building in 2019. Since the acquisition of 800 Brickell Avenue, Gatsby Florida has repositioned and renovated the property into a top performer in the market. Renovations include a new lobby, new retail presence along Brickell Avenue, and new common areas and bathrooms. Gatsby Florida has also acquired other high profile Class A buildings such as DiVosta Towers in 2020, which located in Palm Beach Gardens. Gatsby Florida seeks to continue to acquire and develop more class A office projects throughout South Florida.
“We believe that Brickell is the epicenter of Miami’s growth as both a regional and national powerhouse,” said Isaac Shalom, Vice President of Gatsby Florida. “Bringing Kaseya into our building will not only contribute to the success of our property, but Miami as a whole. We are happy to accommodate them and welcome them to occupy our property as their corportate headquarters.”