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| 1201 Brickell Avenue, Downtown Miami, FL |
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| Carol Ellis-Cutler |
MIAMI, FL - Colliers International South Florida is pleased
to announce that Carol Ellis-Cutler, Senior Vice President - Partner,
represented a prominent retailer in executing a 20-year lease for 10,000-plus
square feet at 1201 Brickell Avenue in Miami.
Gordon Biersch, a division of Big River Restaurants, agreed
to execute an early termination of its lease on the ground floor space it has
occupied there since 2000. The new retail tenant in this landmark office tower
will add convenience for businesses and neighborhood residents.
Jerome Hollo of Florida East Coast Realty (FECR) was
the owner's representative and the landlord's attorney. Although the deal's
rates were not disclosed, Alyce Robertson of Miami's Downtown
Development Authority indicated that retail rents in the Brickell submarket are
now in the high $70s per square foot and have begun escalating to $80 per
square foot, triple net.
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| Alyce Robertson |
"A key factor in the deal's success was the flexibility
of the landlord, new tenant, and existing tenant who had options to
renew," said Ellis-Cutler of Colliers.
"The process
was a long one, and the market changed significantly between the time that the
tenant's initial letter of intent was drawn up in April and the lease signing
in October 2013.
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| Judy Cable |
“New projects including Brickell CityCentre entered
the market, and other parties interested in subleasing the premises directly
from Gordon Biersch also materialized during the course of our
negotiations."
Ellis-Cutler acknowledged FECR's leasing director Judy
Cable for initially sparking the idea of this location that was not
officially on the market.
Ellis-Cutler said that Alex Lucas of Boos Development
Group contributed important support by working the tenant's plans through the
City of Miami, thus helping to keep the deal alive.
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| Tibor Hollo and son Jerome |
"The tenant took a significant financial risk in
pursuing this transaction despite all of its moving parts, contingencies and
uncontrollable circumstances. They firmly believed that the retailer was meant
to be at 1201 Brickell Avenue."
Although Ellis-Cutler represented the tenant in this
transaction, she has a long-standing relationship representing FECR as the
leasing agent for 2020 Ponce, a Class A building in Coral Gables.
"The trust that
has developed over the years among the various parties helped to bring this
deal to fruition," she said.
"It will stand out in my 20-plus-year
career, not just because of the 30 months of negotiations required, and not
just because it 'died' several times, but because of the relationships, tenacity
and cooperation among the parties involved.
“The willingness and flexibility of the property's owner and
developer, Tibor Hollo, the transactional knowledge and creativity of
his son Jerome Hollo, and the cooperation from Gordon Biersch were all
factors in adding this amenity to the prominent 1201 Brickell office
tower."
For a complete copy of the company’s news release, please
contact:
Crystal Proenza
Vice President of Marketing
Colliers International South Florida
Commercial Real Estate Services
Tel: 305 476 7138
Email: crystal.proenza@colliers.com
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