Metropolitan Life Inks 101 KSF in Miami

Wells Fargo Center. Image courtesy of Cushman & Wakefield

IT and security management software company Kaseya has signed a 101,000-square-foot lease at Metropolitan Life Insurance Co.’s Wells Fargo Center building in downtown Miami. Cushman & Wakefield brokered the lease agreement on behalf of both parties.

The tenant has already initiated the move-in process at the office tower. This lease marks Kaseya’s fourth office location within metro Miami. Last year, the company signed a 42,872-square-foot lease at 800 Brickell, Gatsby Florida’s Class A property within the financial district.

According to CommercialEdge data, Kaseya joins Wells Fargo Center’s existing tenant roster that comprises Cushman & Wakefield, Apollo Global Management, StomatCare, Moto Capital Group, Deloitte and PwC. The 47-story office tower is LEED Gold & Energy Star certified and features telecommunication systems with fiber optic capabilities, a tenant lounge, a fitness center and on-site dining.

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Located at 333 SE 2nd Ave. in downtown Miami’s Enterprise Zone, the 752,488-square-foot office building was completed in 2010. The property is accessible via Interstate 95, the Metro Mover and the Metrorail.

Cushman & Wakefield Executive Directors Ryan Holtzman and Andrew Trench, along with Senior Director Eddie Quinon and Vice Chair Brian Gale represented Metropolitan Life in the lease signing, while Vice Chair Tony Jones acted on behalf of the tenant.

Tenants flock to Class A space

Kaseya’s lease is further evidence of the flight to quality trend persisting in the office market, as businesses actively seek out Class A buildings that provide ample amenities and the assurance of institutional ownership, said Holtzman in a prepared statement.

According to a Cushman & Wakefield report, Miami’s office market experienced stable demand, as evidenced by the positive net absorption of 199,000 square feet of space during the fourth quarter of last year. Marking the best annual performance since 2018, in 2022 Miami’s office market absorbed 601,000 square feet of space.

The same source reveals that the leasing activity in Miami in 2022 amounted to 3.5 million square feet, with 30.2 percent of leases signed within the Brickell submarket. New deals, relocations or expansions within the market accounted for 90 percent of total leasing activity.