OKO Group, Cain International Land Miami Tower Tenant

830 Brickell. Image courtesy of OKO Group/Cain International

AerCap, one of the world’s largest aircraft leasing companies, has signed a 20,000-square-foot lease at 830 Brickell, a skyscraper taking shape in the heart of Miami’s financial district. The company’s new headquarters will occupy the entire 50th floor of the 55-story building, the South Florida Business Journal first reported.

Developed by a partnership between OKO Group and Cain International, the 640,000-square-foot project will be Miami’s second-highest office tower upon its completion later this year.

The location has already attracted an impressive tenant roster including Blackstone, WeWork, Icahn Enterprises and Marathon Asset Management. Last year in September, Microsoft signed for 50,000 square feet of space with the landlords, and in earlier in spring, Thoma Bravo agreed to lease 36,500 square feet in the tower.

Last month, CI Financial Corp., a Canadian investment firm, announced it would double its lease at 830 Brickell, bringing its U.S. headquarters space to nearly 40,000 square feet. The firm had initially agreed on a 20,000-square-foot lease for the building’s entire 48th floor.

Designed by Adrian Smith + Gordon Gill Architecture, the project received city approval in 2019 and has benefited from a $300 million construction loan from MSD Capital. Building plans were adapted to the latest health requirements with an updated heating, ventilation and air conditioning system, as well as contactless entry and exit technology.   

A resilient market

The flurry of leases at 830 Brickell is not surprising, despite the uncertainty that’s affecting the U.S. office sector. The Miami market has proven resilient over the last two years, supported by generous tax policies and a favorable business climate.

The latest CommercialEdge data paints an optimistic picture for the market going into the new year. The recent increase in office space absorption led to a vacancy rate of 12.5 percent as of December, an impressive 260-basis-point drop year-over-year. The figure is also well below the 15.5 national vacancy rate, according to the report.

Last month, local leaders from JLL and  Avison Young shared with Commercial Property Executive their insights on what is driving Miami’s office expansion and the challenges that lie ahead for the sector.