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777 Brickell Ave, Miami, FL...

SunTrust Bank Leases 25000 Square Feet At 777 Brickell Ave Miami Represented By Cushman & Wakefield
LEASEDOffice

SunTrust Bank Leases 25000 Square Feet At 777 Brickell Ave Miami Represented By Cushman & Wakefield

777 Brickell Ave, Miami, FL, 33131

Building Size

25,000 SF

Asset Type

Office

Closing

Sep 7, 2018

AI

The property involved in this lease transaction is located at 777 Brickell Ave, Miami, FL, 33131, within the Miami market. It totals 288,485 square feet, with a lease agreement encompassing approximately 25,000 square feet specifically for SunTrust Bank. The property has undergone an improvement program, enhancing common areas, elevators, and the parking garage. Amenities include on-site management, 24-hour security, a full-service salon, and a restaurant on the ground floor.

Summary of transaction details:

  • Property Type: Lease
  • Transaction Amount: Not specified
  • Tenant: SunTrust Bank
  • Landlord: Alliance RE Holdings
  • Tenant's Representative: Jason Donald - Cushman & Wakefield
  • Landlord's Representatives: Andrew Trench - Cushman & Wakefield, Brian Gale - Cushman & Wakefield
  • Square Feet: 25,000

This lease renewal represents an extension of SunTrust Bank's presence in the building since its completion in 1978. The agreement includes 22,000 square feet of office space on the ninth floor and 2,810 square feet of retail space at the ground level, where a new, redesigned branch will open in the building’s lobby. The Cushman & Wakefield team negotiated on behalf of both the landlord and the tenant, with Andrew Trench and Brian Gale representing Alliance RE Holdings, while Jason Donald, Tony Jones, and Ryan Levy worked with Thomas Crociata from SunTrust Bank.

Players

Brian Gale

Cushman & Wakefield

Broker

$389M

vol

16 deals

Broker

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