Anchor Tenant Parts Ways with Brickell Financial Centre
South Florida-based law firm, Bilzen Sumberg, recently pulled out of a lease agreement for 115,000 square feet of office space spanning more than five floors at the Brickell Financial Centre in the heart of Miami's Brickell area.
While neither the South Florida law firm nor the New Office Tower's developer, Foram Group, would discuss the reason why the contract was terminated, there has been speculation about downsizing on the part of Bilzen Sumberg. Nevertheless, both parties on the lease consented to the decision, according to CB Richard Ellis, the brokerage firm that represents the New Office building in Brickell’s Financial Centre.
The original contract, according to sources, was valued at an estimated $58 million for a lease of ten years. The prominent deal was struck in early 2008 and the rather quick departure has raised countless questions as to the current state of affairs with the prestigious South Florida law firm. While discussing the law firm’s pullout from the multi-million dollar lease deal, managing partner John Sumberg confirmed that the law firm has indeed cut several attorneys and staff positions.
Bilzen Samburg's vacancy now leaves the 40-story office tower without an anchor tenant. Expressing disappointment with Bilzen Samburg’s decision to pull out of the lease agreement, Foram said the building is in negotiations with several other major tenants and construction is continuing according to schedule.
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