Citigroup Stays Devoted to Reborn Trophy Tower

Citigroup has reinforced its position as anchor tenant at Miami Center. The corporation signed a 15-year lease renewal for 125,000 square feet at the 34-story Class A office tower.

The agreement represents one of the largest downtown Miami office lease transactions this year, according to Cushman & Wakefield and Crocker Partners. Cushman & Wakefield Senior Director Jon Blunk represented Crocker Partners in the transaction, while Patrick Duffy of Newmark Grubb Knight Frank acted on behalf of Citigroup. Law firm Hughes Hubbard & Reed LLP also renewed its 25,000-square foot lease at Miami Center lately.

Citibank and other subsidiaries of the Citigroup have leased space in the skyscraper at 201 S Biscayne Blvd. as far back as 1992, according to real estate data website Property Shark.

In addition to Citigroup’s lease renewal, Crocker Partners unveiled plans for a $20 million redevelopment of the 786,267-square foot tower. The renovations already underway include a makeover of the lobby and exterior plaza, a new entrance and valet, and modernization of the elevators.

Photo credits: Daniel Christensen via Wikimedia Commons