White & Case Extends Office Lease At Southeast Financial Center In Miami
200 Biscayne Boulevard
Building Size
81,603 SF
Asset Type
Office
Closing
Apr 9, 2024
AI
The office property located at 200 Biscayne Boulevard in Miami encompasses 81,603 square feet across the 48th through 51st floors. The lease was secured by White & Case, a global law firm, from the landlord, Amancio Ortega of Zara, aiming to accommodate increased executive presence in Florida and better serve regional business interests.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not provided
- Market: Miami
- Landlord: Amancio Ortega - Zara
- Tenant: Raoul Cantero - White & Case
- Brokers: Bobby Blair & Greg McCavera - JLL; David Valdez & Tere Blanca - Blanca Commercial Real Estate
- Lease Term: 10-year
White & Case's decision to extend and expand their office space at Downtown Miami's Southeast Financial Center aligns with a trend of notable tenants, including Morgan Stanley and BTG Pactual, leasing space in the skyscraper. The transaction was facilitated by brokers from JLL and Blanca Commercial Real Estate, showcasing a strategic move by the law firm to enhance its operations and services in the region.
Players
Miami Office Market Snapshot
Boundary boundary · Office · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93