Banco do Brasil moves its US headquarters into the Brickell Arch tower
Banco do Brasil just locked in 27,300 square feet for its new U.S. headquarters.
The short version
- The bank is moving within Miami's Brickell district to the Brickell Arch tower.
- It leased the entire fourth floor for offices and ground-floor retail space.
- Rents in Brickell are hitting a high $88.28 per square foot.
Why it matters to you. If you are renting office space in Miami right now, landlords hold all the cards.
Banco do Brasil Americas is moving its U.S. headquarters, staying right inside Miami's booming Brickell office market according to The Real Deal. The bank just leased 27,300 square feet at the Brickell Arch tower located at 1395 Brickell Avenue in Miami. The deal includes 23,200 square feet of office space taking up the entire fourth floor, plus 4,100 square feet of ground-floor retail space.
Dallas-based commercial real estate firm Gaedeke Group owns the 36-story tower after buying it for $142 million in 2015. The bank is led by CEO Mario Matsumoto Fujii and is moving from its old headquarters down the street at 1221 Brickell Avenue.
That older building was bought by hedge fund billionaire Ken Griffin for $286.5 million. Brickell is currently seeing some of the highest office rents in the region, averaging $88.28 per square foot in the third quarter. Other major names are also moving around the neighborhood for more space.
Energy infrastructure company Hut 8 just leased 56,600 square feet at 777 Brickell Avenue. Meanwhile, Google parent company Alphabet more than quadrupled its footprint by leasing 45,000 square feet at 1450 Brickell Avenue.
