Greenberg Renews Lease at Wells Fargo Center
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Law firm Greenberg Traurig renewed its longstanding lease at the Wells Fargo Center, a 47-story office space in Miami owned by Metlife. A Cushman & Wakefield team of Brian Gale, Ryan Holtzman, Andrew Trench, and Edward Quinon represented landlord, while Newmark’s Michael Shuler, Jeremy Hakala and Clay Sidner conducted negotiations on behalf of the tenant.
At a time when many companies have opted to reduce their workspaces due to remote working or hybrid arrangements, Greenberg decided to keep its 128,450-square-foot space stretching across five stories that it has occupied since 2010.
“The execution of the largest office lease in the market demonstrates our pledge to continue serving and giving back to the community that has supported us for more than 55 years,” said Jaret Davis and Yosbel Ibarra, co-managing shareholders of Greenberg Traurig’s Miami office.
To date, Greenberg’s renewal is the largest office deal in Miami’s central business district in the last few years. At the end of August, another law firm — Hinshaw & Culbertson — also agreed to a lease deal in one of Miami’s new development projects called The Plaza, which is located in Coral Gables. However, that deal constituted a reduction in the firm’s overall footprint on the market. Additionally, both Sidley Austin and Kirkland & Ellis have signed deals for less office space at 830 Brickell than the latest Greenberg renewal.
Notably, Wells Fargo Center has been quite productive in the nine months: The 47-story, 752,488-square-foot building has managed to lease more than 250,000 square feet of office space to bring its occupancy to 93%. In particular, one of the deals that MetLife secured during that period was with tech firm Kaseya in January. The company signed a lease that will allow it to occupy four floors within the property, totaling 101,242 square feet of space.
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Last modified: September 8, 2023
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About the Author / Diana Sabau
With years of intense research on the U.S. commercial real estate market at Yardi Matrix, Diana is currently putting her experience to use by writing for several Yardi blogs. She covers CRE investment, job market trends and tech. Her work has been featured in the New York Times, GlobeSt, The Real Deal, NAIOP, MSN and Bisnow.
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