MIAMI | One Brickell CityCentre | 977 FT | 60 FLOORS

[JMKeynes]

Originally Posted by rivernorthlurker

The Citadel Miami office might literally end up being a bit of a 'company perk' to some degree.

147,000/525,000 sqft of the 830 Brickell = 28% of the most premier office tower in a 'once in a generation' real estate boom in Miami, being leased (previously) by a co-working company doesn't exactly scream 'everyone's moving to Miami' commercialy, quite the opposite.

By comparison, Sterling Bay is building random 500k sqft offices in West Loop Chicago filled with companies I've never heard of and the city has a fairly high office vacancy rate https://sterlingbay.com/our-portfolio/

I just feel the 'narrative' for office leasing in Miami doesn't exactly fit the evidence unfortunately.

I completely agree.

[rivernorthlurker]

Or maybe I'm totally wrong.

https://www.bloomberg.com/news/artic...g-office-lease

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.

Let the leasing for CityCentre begin!

Originally Posted by rivernorthlurker

I'm 1000% rooting for this but unf I think JMKeynes sentiment is more realistic.

830 Brickell is still filling up and is the only new major office tower in Miami in years (decades?). And it's only 525,000 sqft office from what I've read I've been shocked at how relatively small the Miami office market is myself. Trend of companies 'Taking their talents to Miami' peaked during the pandemic years - I'm not sure how long this will carry over for years after when the initial excitement wanes.

One Brickell CityCentre is gonna be really hard to pre-lease 25-40% when the Citadel building is 100% a go/reliable and already anchored by Citadel itself and will put additional space on the market.

The square footages below are tiny, esp after WeWork pulled out of 147,000 sqft in August. And Citadel's 90k sqft is only temporary until their building is done. Those two leases were half the building... Now we're talking a puny 250k sqft (not fully leased) outside those two.



As mentioned Wework also pulled out of 147,000 sqft in August. Maybe the sqft $ was too expensive? Since Miami seems to be gravy for them https://www.thenextmiami.com/wework-...top-worldwide/

[JMKeynes]

This building will not rise as a 1.5m+ sf office tower. The demand isn’t there.

[rivernorthlurker]

Originally Posted by JMKeynes

This building will not rise as a 1.5m+ sf office tower. The demand isn’t there.

Maybe, maybe not..., but they said 25-40% prelease to start construction. So that's a minimum of .25*1.5million = 375,000 sqft. Possible, especially with a one big anchor tenant. 830 Brickell has over 500k leased now.

But I don't believe they'd start with just 25%.

[chris08876]

Could be that they are aiming for enough to get this rolling and than overtime it will fill up (overtime meaning years). So long as they are willing to take the risk.

[JMKeynes]

Originally Posted by chris08876

Could be that they are aiming for enough to get this rolling and than overtime it will fill up (overtime meaning years). So long as they are willing to take the risk.

The developer said he wants to pre-lease 25-40%. I suspect that the financiers will require 40%. That’s a lot for Miami to swallow for a 1.5m sf building.

I love Miami, but Atlanta, Dallas, and Houston are much more important and sizeable corporate centers, and I don’t think that they have that level of demand. I don’t think even Chicago could pull this off right now. Only NY could.

[rivernorthlurker]

A major anchor tenant is a must which is hard to speculate on. If they get an anchor tenant maybe they can hit 40% with a couple other. But even if they do I feel like they won't be able to rent the other 60% (900k sqft) easily or at all. Not my money though. Hopefully it gets built.

[rivernorthlurker]

Originally Posted by Dale

We shouldn’t have to wait many months to find out whether this is show or go.

I don’t care about NYC anymore. You can have NYC.

https://www.thenextmiami.com/one-bri...date-revealed/

It's getting shorter. FYI 984 ft is 'supertall' for us geeks. Time to change the thread floor count and height? To be fair I think the 1040' was just the max FAA approval height, never for the building design.

The groundbreaking date depends on the pace of leasing.

The tower will rise 68 stories, or nearly 1,000 feet, the report said.

https://www.bizjournals.com/southflo...st-office.html

Bold emphasis mine. Demo in late first quarter of old office building. Meaning construction probably starts late 2023 at earliest prob 2024.

The Related Cos. and Swire Properties filed detailed designs with Miami officials for South Florida’s largest office building.

The developers revealed plans for One Brickell City Centre, on the east side of the Brickell City Centre mixed-use project, in June. The new tower would replace the office building fronting Brickell Avenue between Southeast Seventh Street and Southeast Eighth Street. Since city officials approved the change to the special area plan for Brickell City Centre a few months ago, the developers recently filed a detailed site plan with the city, providing a closer look at the building.

Billionaire Stephen Ross, the chairman of the Related Cos. and owner of the Miami Dolphins, recently said many companies are looking to move to Miami, and he’s confident One Brickell City Centre will find plenty of tenants.

Jordan Bargas, senior VP in Related Cos.' new Miami office, said the 68-story One Brickell City Centre would have 1.5 million square feet of office space and rise nearly 1,000 feet. It would have the largest office floor plates of any building in downtown Miami or Brickell, he said, with 50,000-square-foot floor plates on the floors above the parking podium. On the narrower section of the tower, the floor plates would average 32,000 square feet. The ceiling height would range from 15 to 19 feet.

“That will help attract technology and financial firms that are used to those larger floor plates,” Bargas said. “The plan is to create another Hudson Yards-quality building, and bring that level of office to Miami for the first time.”

(Hudson Yards is Related Cos.' 28-acre development on the west side of Manhattan.)

Each floor will also have ample outdoor spaces on terraces so employees can enjoy Miami’s weather, he said.

“Companies can house a large number of staff on the same level, instead of on multiple floors, which is a huge benefit, in terms of collaboration and working together,” said David Martin, Swire's VP of leasing for One Brickell City Centre. “This sort of product doesn’t exist in Miami now.”

Martin said many of the technology and financial companies that opened small offices in Miami during the Covid-19 pandemic found that many of their employees want to work here. This has led to much larger offices in Miami.

Miami-based Arquitectonica designed the project, and CBRE is the leasing broker.

The new office tower will be directly connected to first phase of Brickell City Centre, including the mall and hotel. There will be a covered walkway to the Eighth Street Station of the Metromover, which circulates people around downtown. The Climate Ribbon, a shade feature that captures the breeze, will be extended from the mall and wrap around the office building to reach Brickell Avenue.

Bargas said the office building will have a host of amenities – many of them related to wellness – along with a high-end restaurant and a helipad on the roof. Martin said the ground floor will have a large covered drop-off area for ride-sharing and delivery services.

Demolition of the old office building should begin in the late first quarter, Bargas said. The groundbreaking date largely relies on the pace of the leasing effort.

“We have great momentum on the leasing front,” he added. “We are meeting with people in California, Chicago and New York – all of the places we are seeing talented employees coming to Miami from.”

Also the rendering from article above looks like they got ride of the bronze color and is more gray/silvery. I'm not sure the source of the rendering from the link above. But I'd guess the more VE'ed version is the most recent one. Anyone know?

[Zapatan]

Originally Posted by JMKeynes

This building will not rise as a 1.5m+ sf office tower. The demand isn’t there.

Not now at least, but maybe 5 or so years down the road? Hopefully.

[Hudson11]

830 Brickell is fully leased before it even completed construction. There is robust demand for office space in Miami. And like Rivernorth mentioned about Chicago, a lot of the demand is spread out across Miami-Dade in smaller developments that don't often get the headlines on Nextmiami. Miami is a lot bigger than just Brickell and the Central Business District. Just look at how the Cruise ship industry is building massive, impressive HQs in the Port. But outlets like Commercial Observer, Miamiherald and bisnow do well at covering what is happening on the ground.

[Altoic]

If this keeps the original height of around 300m it'll be insane. Miami will have 2 maybe even 3 supertalls U/C. Versus none only a year ago.

[Dale]

Originally Posted by Hudson11

830 Brickell is fully leased before it even completed construction. There is robust demand for office space in Miami. And like Rivernorth mentioned about Chicago, a lot of the demand is spread out across Miami-Dade in smaller developments that don't often get the headlines on Nextmiami. Miami is a lot bigger than just Brickell and the Central Business District. Just look at how the Cruise ship industry is building massive, impressive HQs in the Port. But outlets like Commercial Observer, Miamiherald and bisnow do well at covering what is happening on the ground.

I doubt that they’d be steaming ahead if it wasn’t drawing a lot of interest. But what do I know ?

[chris08876]

“We have great momentum on the leasing front,” he added. “We are meeting with people in California, Chicago and New York – all of the places we are seeing talented employees coming to Miami from.”


Hopefully they can get some good deals happening. I have faith in Stephen Ross making this happen.

[rivernorthlurker]

Should probably reduce floor count on thread title from 80 to 68 and maybe height to 1000 ft.

But as the quote below points out, the math doesn't really make sense since 68 floors * minimum 15 feet floor height = 1020 ft. (Same with trying to calculate 1.5 million sqft from the quoted floor plates and floor count). But there may be some creative floor counting going on. Maybe someone can count the actual floor numbers in the rendering.

https://floridayimby.com/2022/12/dev...ice-tower.html

Initial plans for this project called for 80 stories and a supertall height of 1,038 feet, or 1,049 feet above sea level. It’s been scaled down to 68 stories, hence the “near 1,000 feet” height stated above. This means that One Brickell City Centre may or may not reach supertall status as the minimum height to reach that mark is 984 feet, and claiming a building will be near 1,000 feet does not necessarily indicate it’s within the required range. However, with ceiling heights varying from 15 to 19 feet, and a 68-floor count, the likelihood of surpassing 984 feet is high.

Edit:

Ok I tried to count lol.

So there's 43 floors from the base of that wedge to the top so 43 * 32000 = 1.38 million sqft.
Then maybe 4 floors below that of 50k sqft? = 200k sqft so 1.58 million total... So something like that give or take variable size on the wedge. Then I guess parking below that. So the parking floors are gonna be really short like < 10 ft.

So maybe something like

43 fl standard floors, 43* 32k = 1.28 million sqft, 43* 15 ft = 645 ft
4 floors 50k sqft, 4 * 50k = 200k sqft, 4 * 20 ft = 80 ft
21 floors parking, 21 * 0 = 0 sqft, 21 * 10 ft = 210 ft

= 68 floors, 1.58 million sqft rentable, 935 ft height

Rough guesstimates but sorta in the ballpark with what they've quoted given variation in floor plate sizes and heights.

[bobdreamz]

Demolition Permit Applied For At One Brickell City Centre Supertall Site
January 24, 2023

The demolition permit is for a building at 700 Brickell Avenue and was applied for on January 20, according to Miami Building Department records.
According to the newly filed demolition permit, total demolition of 221,243 square feet is planned, at an estimated cost of $1.35m.

One Brickell City Centre is planned to rise 68 stories. It is FAA approved for a height of 1,040 feet above ground.
The project will be mostly office space, with a restaurant and rooftop helipad.

Related Companies and Swire Properties are the developers.

Set to be demolished:



https://images1.loopnet.com/i2/9FMiQ.../110/image.jpg

https://www.thenextmiami.com/one-bri...lition-filing/

[JMKeynes]

I’m glad to see that eyesore come down.

[Djesus777]

I don't see this thing going up to be honest... Vacancies are still high and 1.5M sq ft of office space when 60% of workers are back in the office is a huge risk. I get 830 Brickell is fully leased but let's be honest, it will be empty 3-4 days a week during work days. It does not make sense to lease a tower when it will be empty majority of the time.

[Dale]

I’m a Miami believer (on this one) until proven otherwise. I just don’t see Related and Ross *just now* moving on this if they weren’t getting positive indicators.

[JMKeynes]

Ross said that he needs to pre-lease 25-40% of the tower. Presumably, that’s what the banks require in order to give a construction loan. If he can’t, he can build a mixed-use tower. Something nice will rise there.

[Altoic]

NYC Wealth Exodus Drives Billionaire’s Bet on South Florida Boom
https://www.bloomberg.com/news/artic...mium#xj4y7vzkg

One of Related’s mixed-use projects in West Palm Beach, dubbed The Square, has attracted the likes of Goldman Sachs Group Inc. and Steve Cohen’s Point72 Asset Management. Other financial companies have signed leases at One Flagler, also in West Palm and set to be ready in 2024. Last year, Related unveiled plans to build one of the tallest skyscrapers in Miami.

“New York will continue to grow, but it has its challenges, and a lot of people who don’t have to be there are looking not to be there,” Ross said. “It’s changing, it’s getting younger, the older people are moving out, the wealthier people are moving out.”
Still, Ross, 82, acknowledged that younger workers are still largely attracted to big cities like New York.

“We have huge investments, we’re still doing tremendous developments in New York,” he said. “But I think Florida is going to capture an awful lot of people.”