Duane Morris signs $17M lease at Citigroup Center in downtown Miami

Duane Morris signs $17M lease at Citigroup Center in downtown Miami

Friday, May 11, 2018

Citigroup Center and Tower Commercial Real Estate’s Jon Blunk ( Credit: Tower–CRE)

Duane Morris LLP is moving into the penthouse office suite at the Citigroup Center in downtown Miami.

The law firm signed a lease for more than 23,000 square feet on the top floor of the 34-story building at 201 South Biscayne Boulevard. The lease is valued at $16.8 million, marking one of the largest office deals in downtown Miami so far this year, according to a press release.

Duane Morris is moving from a 30,000-square-foot space at the Southeast Financial Center across the street. Law firms across South Florida are reducing their footprints as they prioritize meeting space and amenities over large office spaces.

Tower Commercial Real Estate’s Jon Blunk, Cristina Glaria and Laurel Oswald represented Crocker Partners. Duane Morris LLP was represented by Tim Prunka of Savills Studley.

Real estate investment firm Crocker Partners paid $262.5 million for the 810,00-square-foot Citigroup Center in 2012. The firm recently completed a $20 million renovation of the building, designed by architect Richard Meier, that included a new entrance, lobby, elevators and a glass curtain wall façade.

The former Miami Center sits adjacent to the Intercontinental Hotel at 100 Chopin Plaza. Citigroup is one of the biggest tenants in the building with about 125,000 square feet. Other tenants include Morgan Stanley, Shook Hardy & Bacon, Kluger Kaplan, Hughes Hubbard.

Source: The Real Deal